Bitcoin Price Analysis: BTC/USD Triangle Breakout Confirmed

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BTCUSD Chart

  • Bitcoin price breakout from the eight-week slumber hits a wall under $9,500.
  • BTC /USD path of least resistance is sideways as highlighted by the prevailing technical picture.

Bitcoin markets remained paralyzed for almost eight weeks. With all lifestreams ( volatility ) cut from the main source, the largest cryptocurrency remained motionless until a breakout was confirmed on Tuesday.

Coming from a position of volatility, after falling to a two-year low, BTC /USD sprung up above several resistance zones starting with $9,200. The upward leg continued above $9,230 as well as the key $9,300 level. Buyers had their eyes fixated on $10,400 but the momentum lost steam short of $9,500.

BTCUSD Chart

BTCUSD Chart
BTCUSD Chart by TradingView

At the time of writing, Bitcoin is trading at $9,385. Bulls are dealing with an increase in selling pressure. Resistance at the 50-day Simple Moving Average ( SMA ) is proving to be a hard nut to crack.

Technical indicators applied to the chart are gradually changing from the bullish picture in favor of consolidation. The Relative Strength Index

 ( RSI ), for instance, has settled for a sideways action at 54.98. This follows an impressive upward movement from levels under the average to those close to 60.00.

Similarly, the moving average convergence divergence ( MACD ) hints that consolidation would take precedence to allow buyers to gather strength once more for the impending breakout to $9,800. The indicator is clinging to the midline, emphasizing on the sideways action.

For now, it is clear that that path of least resistance is sideways. However, with a falling tringle pattern already confirmed, the potential for gains above the resistances at $9,800 and $10,000 remains high. Glancing farther up, the ultimate goal in the medium term is $10,400.

BTC/USD Key Intraday Levels
Spot rate: $9,385

Relative change: -8.25

Percentage change: -0.09%

Trend: Bearish bias

Volatility: Expanding



Source: Bitcoin Price Analysis: BTC/USD Triangle Breakout Confirmed

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