Bitcoin Price Analysis: BTC/USD Triangle Breakout Confirmed

BTCUSD Chart
BTCUSD Chart by TradingView

Bitcoin Price Analysis: BTC/USD Triangle Breakout Confirmed

  • 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

Summary
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Bitcoin Price Analysis: BTC/USD Triangle Breakout Confirmed
Description
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.
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CoinGape
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Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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John Isige 607 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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