- BTC price has been fairly flat the last two weeks as volatility has subsided to monthly lows
- BTC Price has formed a 2 month long falling wedge pattern
- 50 MA has acted as resistance for almost 3 months
Bitcoin (BTC) Price Overview [Video]
Bitcoin (BTC) price action has been super flat the last 2 months ever since the -50% drop off highs. Bulls and bears have been equally controlling price action which has led to a large sideways consolidation. This has left many investors & traders at a lost of interest as this is not a good price action to trade as which a clear direction is lacking. A newly spotted price pattern may give a hint of how much time BTC will have a lack of trend.
Shown in green, a falling wedge has clearly formed after many weeks of bouncing back and forth. This pattern is a generally bullish one but always has the chance of breaking to the downside. A clear breakout & preferably a retest of that trend will likely cause price to follow in that direction. At the time of writing, BTC price is sitting within its major support zone of $31,000-$32,200.
A break below this zone will likely cause a cascade of selling which would bearishly break the falling wedge pattern. In this case, support will be found at $30,000, $28,800 & $26,900.
Bitcoin Price Analysis: BTC/USDT 1 Day Live Chart
For a bullish trend to begin, BTC price must break back over its major resistance of $33,500 & hold above. If this occurs, it would be a confirmed upwards break of the falling wedge pattern which will likely start a short term bull trend. In this case, bulls must then tackle the 50 Day MA (purple) which has held price down ever since the $50,000 region.
While looking at the RSI, we can see it has been fairly flat, stuck between the 30 & 50 value. This has created a triangle like formation which shows a breakout to be within a week time.
The Stochastic RSI has been sitting in oversold territory for nearly 4 days. At the time of writing, it is showing an upwards curve which looks primed for a strong breakout to the upside. A break above the 20 value will likely start a short term bullish trend.
BTC price intraday levels
- Spot rate: $31,750
- Trend: Bearish
- Volatility: Low
- Support: $31,000
- Resistance: $32,200
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.