- Bitcoin price is in a bullish zone above $9,000 but the symmetrical triangle dilemma still hovers.
- BTC/USD rising triangle hints that a reversal towards $8,600 and $8,400 is around the corner especially id $10,000 remains at bay.
Spot rate: $9,015
Relative change: 141
Percentage change: 1.8%
Trend: Strongly bullish
Volatility: High
BTC/USD weekly chart
-637189793828054741.png)
Bitcoin is trading above a long term ascending trendline despite the retreats experience first in June 2019 and in February 2020. The price is trading at $9,019 and supported on the downside by the 50 SMA in the weekly range.
On the upside, $10,000 remains the coveted zone while a symmetrical triangle resistance makes the ultimate resistance. If the buyers are able to break above the triangle, a rally is likely to erupt on the accounts of increased volume, pulling Bitcoin towards the key resistance at $14,000.
On the contrary, broken symmetrical triangle support could be the end of the bulls, resulting in devastating losses to levels close to $4,000. The dilemma of symmetrical triangles require that traders and investors confirm a breakout before going all in.
BTC/USD 4-hour chart
-637189793416796526.png)
Bitcoin price bulls need to reclaim the support above $9,000 to strongly cement their position on the market. If the rising triangle resistance defeats their effort, there is a chance that BTC/USD could make a return trip to test $8,600 and $8,400 support levels.
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