Bitcoin Price Analysis: BTC/USD breakout and retest of triangular structure

Bitcoin price nursing losses of 1% in the second half of Tuesday, as sellers regain control.
BTC/USD bulls attempted to break back into a breached triangular pattern structure.

Ken Chigbo Independent Analyst

Bitcoin price is trading down 1% on Tuesday, as price action continues to struggle find firm committed direction. Sellers remain in control when BTC/USD is below the $4000 mark, which the price has not been able to sustain above since November 2018.

BTC/USD price action was moving within a triangular pattern structure, which was the case from Mid-December, up until a breakout south on 11th January. Over the past two sessions now, market bulls have retested this, however, have failed to move back above within.

Technically, eyes are on another potential retest of the big support area of $3500. A failure of this holding could see a fast move south, to see the psychological $3000 market come into play. Above resistance can be seen in early $3700 region.

BTC/USD 4-hour chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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