- Bitcoin price prediction faces descending triangle pattern
- BTC/USD repeatedly knocks at $34,400 resistance
- A breakout to the upper side can deliver a much-needed bull run
Bitcoin is barely able to hang onto the $32,000 level as the bulls appear to lose momentum. Bitcoin price went down by 9 percent yesterday after it was rejected from $34,000 resistance once again. The repeated attempt to cross the $34k level shows that buying at lower levels keeps the bulls busy, but the volumes are missing.
At the time of writing, the BTC/USD pair is trading at $32,078. The pair is oscillating within a tight Bollinger Bands range that is shrinking by the hour. The bulls and bears are in a tussle to take the price in either direction for Bitcoin price prediction. There is decent support at $30,000, which has helped the pair bounce back many times in the past week.
The descending triangle pattern shows that the pair faces severe headwinds from the bears. The falling trend line further aggravates the matters for the bulls who were looking for some positive signs. The only silver lining may be a MACD crossover that is beginning to take shape near the $32,000 level. Bitcoin price prediction remains indecisive as both bulls and bears have their horns locked in a tight price range.
Bitcoin price movement in the last 24 hours – Tussle between bulls and bears
A descending bearish triangle is engulfing the current price action. The BTC/USD pair is trading in a narrow range between $32,446 and $31,200 for the past four days. The price is continuously testing the upper Bollinger Band at $32,400. The daily timeframe charts are suggesting a slightly higher upside after the current range breaks.
Also, the weekly price movement is still pointing upwards as the bulls are in the driving seat. The Bitcoin price prediction is trying to remain above the Symmetrical triangle with support at the $29,300 level. The RSI is still in the bearish zone with a value below 50 levels. The technical indicators are painting a bearish picture on the charts; however, the least resistance path will provide some support underneath the current price range.
Daily charts are still looking to cross the $42,600 level to establish another confident bull run. However, bullish signals are fading fast, and the $34,400 barrier seems strong in the short term. Any significant slide below $30,000 and daily close below $29,500 will signal a long-term bearish stance in Bitcoin price prediction.
BTC/USD 4-hour chart – Bulls trying to get past $34,400 resistance
The bullish outlook takes a beating on the hourly charts as the pair continues to slide lower. The support at $30,000 is holding firm. The Descending Triangle is beginning to form at $29,900 support, and the selling can intensify if the pair closes below this level daily.
The triangle resistance has been breached repeatedly in the past as well. The impulse to break past $34,000 is also evident as the volumes gather pace. The implied volatility is subdued but slowly picking up speed with price regularly hitting upper Bollinger Band with renewed vigor. The potential climb to touch $40,000 remains a challenging milestone in the Bitcoin price prediction.
The resistance at $32,200 marks the first tough pivot to cross on the hourly charts. At the .382 Fibonacci level, the bearish resistance will again push bulls down at $34,100, followed by the $34,650 level. On the higher side, the .786 Fibonacci resistance will come into the picture at $37,600. The Stochastic RSI is at 91, meaning there is not much room upwards to move higher.
Bitcoin price prediction conclusion – Huge weekly uptrend coming next?
The larger-scale BTC charts still paint a positive picture. The all-time high at $42,000 looks possible on the weekly charts as the pair is still in bullish hands. The massive symmetrical triangle, a positive pattern, is still unbroken on the weekly charts. The initial pivot points at $38k and $40k won’t offer much resistance.
The slope of the price channel is still pointing upwards. The short-term ascending channel is in jeopardy, but the weekly channel remains strong. The upper limit of the channel at $38,300 makes the higher levels within reach of the bulls.
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