Bitcoin price update: BTC/USD grinds towards two distinct breakout patterns
|- Bitcoin price lethargic recovery momentum continues as buyers seek a formidable bottom.
- Whether it is the falling wedge pattern or triangle pattern, BTC is in for some end of their bullish magic.
Bitcoin continues with the support shuttering movements on Friday last week. However, the weekend session experienced shallow recovery across the board. Bitcoin posted minor gains above $8,500. The prevailing trend is generally bearish with BTC trading at $8,448 after correction from $8,502 (intraday high).
A couple of technical patterns breakouts are in the offing. The falling wedge pattern is still seeking a bottom to assist in boosting a rally above $9,000. Meanwhile, a wide symmetrical triangle pattern is also approaching a breakout. Whichever among the two patterns breaks out the first, BTC will be getting ready for that end of the year rally magic.
For now, the technical picture is inclined to the negative. The MACD is under the mean line and its sideways movement suggests that sideways trading will prevailing in the coming sessions on Monday.
BTX/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.