The Bitcoin(BTC) price maintained stiff support at $28500 and got hammered down from a falling trendline showcasing descending triangle pattern. In the past three weeks, the coin price narrowing towards the pattern’s apex may soon give a breakout opportunity. However, a contrary behavior between the price action and indicator suggests a possible breakout on either side, and therefore, the interested traders must wait for a genuine breakout.
- The BTC price is getting squeezed inside a descending triangle pattern
- The Rising RSI slope steadily approaches the neutral line.
- The intraday trading volume in the Bitcoin is $18.3 Billion, indicating a 37.5% loss.
During the early May sell-off, the Bitcoin(BTC) price lost some crucial support, such as $36000, $33000, and $30000. The coin price plunged to a low of $26350, registering a 44.57% loss considered the last swing high of $48086 on March 28th.
However, the BTC price settled support a bit higher than the mentioned low, i.e., $28500. Furthermore, the coin price has been wavering above this support in a descending triangle pattern for the past three weeks.
This triangle pattern is a bearish setup, where the gradually lower higher reflects buyers are losing their grip over the coin. The BTC sellers should eventually breach the bottom neckline of $28500 to continue the prevailing trendline. Thus, if they succeed, the coin price would retest the $26350 low.
However, a less likely yet possible bullish breakout from the triangle’s resistance trendline may trigger a minor bullish pullback.
Throughout the triangle pattern formation and multiple retests to neckline support, the RSI slope trending higher supports the bullish breakout theory of price pattern.
Moreover, the rising ADX slope stalls at the 40% mark, indicating a setback in the bearish momentum.
- Resistance level- $30500, and $33000
- Support level- $28500 and $26700
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26