Bitcoin Weekly Forecast: BTC Price Edging Closure to a Bullish Breakout; Is $30000 Mark within Reach?

Bitcoin Weekly Forecast: For nearly a fortnight, the BTC price has moved sideways showcasing no clear force of domination among buyers or sellers. This consolidation from the market leader has triggered an indecisive sentiment among other top cryptocurrencies creating a stagnant market condition. However, taking a closer look at a shorter timeframe, the flattish Bitcoin price has formed a symmetrical triangle pattern that could assist buyers to recuperate buying pressure. 

Key Points:

• A breakout from either side of the triangle pattern will resolve the current choppiness in the Bitcoin price
• For a genuine recovery phase, the buyers need to surpass the resistance trendline of the channel pattern.
• The intraday trading volume in Bitcoin is $7.45 Billion, indicating a 25.4% loss.

Source-Tradingview

With an insignificant intraday loss of 0.18%, the Bitcoin price continues on its sideways path and closes towards the peak of the triangle pattern. Despite the market uncertainty, the prices have strictly bounced back from the pattern’s convergence validating the genuineness of this pattern.

Therefore, as the price spread within the triangle begins to narrow, it serves as an indication that a breakout point is in close proximity. A potential bullish breakout from the overhead trendline with a 4-hour candle closing above would indicate winning the tug of war and continue to drive the price movement.

Also Read: Best Cryptos Private Sale For 2023

The post-breakout rally could raise the Bitcoin price by 5-6% to hit the resistance trendline of the channel pattern which carries the ongoing correction phase.

Conversely, a breakdown below the triangle support will more likely plunge the prices to lower the trendline of the channel. 

Technical Indicator

Relative Strength Index: The daily-RSI slope wavering around the neutral line reflects the indecisiveness among traders.

Bollinger Band: A breakout from the triangle pattern will challenge the respective Band of the BB indicator suggesting a momentum trading setup of interested market participants.

Bitcoin Price Intraday Levels

• Spot rate: $27051
• Trend: Sideways
• Volatility: High
• Resistance levels- $27800 and $29800
• Support levels- $26786 and $25200