NewsletterThis Chart Pattern May Bring Directional Rally In Bitcoin Price
The Bitcoin price continues its choppy movement inside a descending triangle pattern. Furthermore, the price spread within this pattern has narrowed to the point where it is considered a no-trading zone. Thus, any new traders looking for an entry opportunity should wait for this triangle pattern breakout, as it will break the ongoing uncertainty in BTC.
Key points:
- A descending triangle pattern governs the Bitcoin price action.
- The coin price trading below the crucial EMAs(20, 50, 100, and 200) indicates the buyers have the upper hand.
- The intraday trading volume in Bitcoin is $15.5 Billion, indicating a 25.2% loss.
Source-Tradingview
The crypto market witnessed high volatility in the past two weeks due to the macroeconomic events surrounding the interest hike program from the US Fed. As a result, the Bitcoin price is moving sideways, and the short-body candle in the daily chart reflects uncertainty among market participants.
However, amid the volatile phase, the coin price remained in a descending triangle. Thus, Bitcoin traders actively reacting to this pattern could offer us some insight into the future price movement.
In theory, this bearish continuation pattern accelerates the ongoing selling pressure upon the breakdown of neckline support. Thus, the bitcoin price nearing the apex of the triangle pattern could soon witness this breakdown.
Thus, a daily candle closing below $18200 will activate the bearish pattern and further extend the ongoing downfall. This development will tumble the prices another 15% to hit $16500-$16000 support.
Technical Indicator
Bollinger band: the indicator band gradually narrowing closer accentuates the sluggish price action for Bitcoin.
Relative Strength Index: the daily-RSI chart maintains a bullish divergence despite price consolidation indicating buyers are aggressive at the $18500 support. This divergence could assist buyers in breaking the overhead resistance and invalidate the bearish thesis.
EMAs: the downsloping crucial EMAs(20, 50, 100, and 200) indicate any potential rally would face multiple hurdles ahead.
Bitcoin Price Intraday Levels
- Spot rate: $19183
- Trend: Sideways
- Volatility: High
- Resistance level- $19600 and $20600
- Support level- $18000 and $16500
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