BTC Price Prediction: Will this New Bullish Pattern Resume Bitcoin Price Rally?
BTC Price Prediction: The Bitcoin price has been in a correction phase for over two weeks now. In the 4-hour time frame, the price seems to be strictly bouncing off from two downsloping trendlines, indicating the formation of a falling wedge pattern. So far, the coin price has lost 11.14% from the $25300 peak and currently trades at $22460. Here’s how this pattern may further influence the BTC near future price.
Key Points:
- The Bitcoin price will continue to downtrend until the falling wedge pattern is intact
- A bullish breakout from the overhead resistance trendline will hint at the resumption of price recovery
- The intraday trading volume in Bitcoin is $13.5 Billion, indicating a 6% loss.
Source- Tradingview
Bitcoin started a new correction phase in February’s third week when its price turned down from the monthly resistance of $25300. As mentioned above a falling wedge pattern is governing the ongoing pullback and has recently pushed the coin below the $22500 support.
In theory, the converging trend lines of this pattern signal the gradual loss of bearish momentum which allows buyers to regain trend control. As of now, the BTC price is hovering above the pattern’s support trendline, preparing for a bullish reversal. Under the influence of this pattern, the Bitcoin price is likely to show a minor relief rally to the overhead trendline.
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However, the market participants looking for a long entry opportunity should wait for a bullish breakout from the pattern’s resistance trendline. This breakout will signal the recuperated bullish momentum to resume price recovery.
The post-breakout rally may drive the BTC price higher and rechallenge the $25300 ceiling.
Technical indicator
RSI(43.5%): the daily-RSI slope dipped below the February low(45.6%) indicating market sentiment is on the sellers’ side.
EMAs: if the selling pressure persists, the BTC price is on the verge of losing 50-day EMA support, offering an extra edge to short-sellers.
Bitcoin Price Intraday Levels
- Spot rate: 22448
- Trend: Bullish
- Volatility: High
- Resistance levels- $22500and $23900
- Support levels- $21500 and $20500
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