Bitcoin Price Analysis: BTC/USD consolidation lags triangle breakout
|- Bitcoin crowns the weekend session with little not action.
- Defending the support at $7,000 remains to be among the bulls’ top priority.
- Reclaiming the support at $7,200 will boost Bitcoin towards the much-needed triangle breakout.
Bitcoin remained under pressure during the entire weekend session. The attempts made to stay above $7,200 support failed, leaving to the path of least resist ace to be below $7,000. Bitcoin’s immediate upside is limited by the 50 SMA on the 2-hour chart.
The Asian session on Monday is characterized by high volatility and developing bearish momentum. The target to the downside remains to be $6,500. However, the bulls have been keen enough to ensure that there is no breaching the $7,200 support.
The RSI in the same 2-hour range is inching closer to the oversold region. Recovery from the same region (under 30) could not break above 50. If the downtrend continues, the chances of Bitcoin plunging below $7,000 will remain high. For now, pushing BTC above $7,200 should be the bulls’ top priority.
BTC/USD 2-hour chart
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