Bitcoin Price Analysis: When Will BTC Consolidation End?
The Bitcoin(BTC) price responding to the descending trendline, faced another reversal on June 7th. Thus, continuing with a follow-up candle, the coin price registered a 2.82% intraday fall and the formation of an evening star pattern. Accordingly, sustained selling pressure could pull the BTC price back to $28650
Key points:
- The BTC price reversed from $32000 resistance with an evening star pattern
- The rising MACD indicator’s line may soon reenter the bullish region
- The intraday trading volume in the Bitcoin is $40.2 Billion, indicating a 13.2% loss
Source- Tradingview
Ever since the May month sell-off plunged the BTC/USDT pair to a low of $26350, the coin traders have witnessed a consolidation phase between $32000 and $28650. As a result, the BTC price has been resonating in the range for nearly a month, indicating uncertainty among the market participants.
Anyhow, this consolidation forms a great trading setup for interested traders as a breakout on either side of the range would trigger a directional rally. However, the area inside this range is still a no-trading zone.
Today, the BTC price is down by 2.82% as it reverts from the combined resistance descending trendline and $32000 resistance zone. An evening star pattern on reversal indicates the coin price may soon retest the $28650 bottom support.
However, if BTC provides a daily candle closing above the $32000 resistance, the potential rally would rise to $37000.
Technical indicator-
Bollinger Band: The narrowed indicator range accentuates the minor price consolidation. However, the BTC traders would witness a simultaneous breakout from the price and indicator’s range, offering an extra confirmation for traders.
MACD indicator: Despite a later walk-in price action, the MACD and signal line gradually rising indicates growth in bullish momentum. This steady rally bolstered the possibility of a range breakout.
- Resistance level- $32000, and $34100
- Support level- $28650 and $26750
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