Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark

A bullish breakout from a symmetrical triangle pattern boasts the ongoing recovery in Bitcoin(BTC) prices. The expected retest could offer a good entry opportunity for interested traders with an expected target of 6.50% high at $32000. However, can buyers undermine the potential resistance of 200 EMA?

Key points:

• The weekly BTC chart shows seven consecutive red candles
• The 20 and 50 EMA reflects a bullish crossover that could assist buyers in sustaining above $30000
• The intraday trading volume in the Bitcoin is $27.3 Billion, indicating a 3.2% gain

Source- BTC/USD chart by Tradingview

The April 6th fallout from the $45000 mark trapped aggressive buyers who entered the breakout rally. As a result, the forced liquidation of these buyers brought additional sell orders to the market and triggered a significant correction for Bitcoin(BTC).

Moreover, last week’s aggressive selling pressure intensified the ongoing downfall and hit the 2022 new low of $26350.  Furthermore, the minor recovery observed in the hourly chart reflected the formation of the symmetrical triangle pattern. 

The buyers provide a bullish breakdown from the pattern resistance trendline and the $30000 mark, suggesting a higher possibility of price reclaiming the psychology level. 

The sustained buying would drive the coin price 6.50% higher to the $32000 mark. In addition, the traders can expect the recovery rally to continue until the support trendline. 

Therefore, the fallout from this dynamic trendline would indicate a continuation of the prevailing trend in BTC. 

Technical indicator-

EMA- The ongoing recovery rally has breached the 20, 50, and 100 EMAs, indicating a steady North march. However, the overhead resistance at $30,757 could put considerable supply pressure. 

RSI- The daily-RSI slope shows sustainability above the midline(50), indicating the buyers wrestled control from sellers. Moreover, indicating line rallying higher reflects growth in bullish momentum. 

• Resistance level- $30000, and $33000
• Support level- $28000 and $25000