The largest cryptocurrency-Bitcoin continues to move in a sideways trend for nearly two weeks now, reflecting an indecisive time in the crypto market. As mentioned in our previous article, this consolidation strictly responds to two converging trendlines which shows the formation of a symmetrical triangle pattern. Therefore, the completion of this pattern could be crucial to determine the near future trend of Bitcoin.
- The Bitcoin Fear & Greed Index at 49% also reflects an uncertain market trend
- A breakout from the triangle resistance will set the BTC price for 7% gains this week.
- The intraday trading volume in Bitcoin is $9.7 Billion, indicating a 26% gain.
With an intraday gain of 0.26%, the Bitcoin price trades at $26872 and continues to edge closer to the peak of the triangle pattern. Thus, the Bitcoin price is poised for a significant breakout from either of the converging trendlines, which will thereafter forecast the potential price movement.
A bullish breakout from the overhead trendline may surge the price by 7-6% to hit the downsloping trendline of the channel pattern at $28000. For the Bitcoin price to surpass the $30000 mark, it needs a genuine breakout from the channel pattern.
Also Read: Top 10 Ways To Earn Passive Income From Crypto In 2023
Conversely, a 4-hour candle closing below the triangle support will tumble the prices 5-6% this week to reach the lower trendline of the channel pattern near $25000.
Thus, the Bitcoin price is currently in a no-trading zone, the interested traders must wait for a triangle breakout before entering into a new position.
Exponential Moving Average: The 4-hour chart EMAs(20, 50, 100, and 200) moving above the Bitcoin price indicate the traders would fill the least resistance on the downward journey.
Moving Average Convergence Divergence: The multiple crossovers between the MACD(Blue) and signal(orange) lines highlight an unclear trend and the need for a breakout candle to direct further trend.
Will Bitcoin hit $30k or $25k next?
The near future trend for the Bitcoin price is currently dependent on which side triangle pattern will break. The potential breakdown could more likely push the price to $25000. However, for the BTC price to reach $30000 it needs a surpass the trendline of the channel pattern otherwise the correction will prolong further.
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