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Bitcoin price analysis: Another breakout on the horizon; complexity of technicals at its best

  • Triangle within a falling wedge.
  • "Death cross" isn't dead yet.
Bitcoin price analysis: Another breakout on the horizon; complexity of technicals at its best
Manoj B RawalManoj B RawalIndependent Analyst

Bitcoin has been testing traders and investors alike and now its testing the skills of technical analysts too. While the wait for falling wedge breakout and "death cross" crash isn't yet over, there's another technical parameter thats making withing the falling wedge - a triangle.

On the 30-minute chart a triangle is in the making and a breakout of the same, on either side would only help any one of the earlier patterns which are already on the cusp of a breakout.

BTC/USD is up 0.7 percent on the day at $6,940. Immediate resistance for the largest crypto stands at $7,106 and support around $6,850. On the 30-minute chart, the breakout points are currently at $7,000 mark and $6,880 mark.

BTC/USD 30-minute chart:

BTC/USD daily chart:

Author

Manoj B Rawal

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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