Bitcoin Price Analysis: BTC/USD triangle pattern hints reversal to $5,000 imminent


  • Bitcoin price is in the hand of the bulls according to technical indicators.
  • Bitcoin bulls must defend the triangle support at all costs to avoid losses towards $5,000.
  • In the short term, the bulls should take back the support above $6,400 to keep sellers at bay.

BTC/USD daily chart

BTC/USD price chart

Bitcoin price has given away the support at $6,400 to trade at $6,361 at the time of writing. In spite of the drop from $6,423, the technical picture remains healthy. For instance, the RSI is holding the position above 50 after recovery from the weekend low at 39.58. The MACD is moving towards the mean line in a bid to re-enter the positive region. A bullish divergence above the MACD clearly shows buyers gaining traction against the sellers.

However, a rising triangle pattern could erase all the gains accrued in the past two weeks if Bitcoin fails to break above the $7,000 level and freefalls towards $6,000. Buyers must ensure that the triangle support is kept intact to avoid another devastating crash towards $5,000.

BTC/USD 2-hour chart

BTC/USD price chart

Bitcoin price is trading between the support and resistance of the moving averages. The 50 SMA is in line to offer support at $6,336 while the 100 SMA could hinder movement at $6,465. BTC/USD bulls need to take back the position above $6,400 which will allow then to focus on breaking the resistance at $6,500 and $7,000 respectively.

Spot rate: $6,361

Trend: Bullish

Volatility: High

BTC/USD

Overview
Today last price 6376.76
Today Daily Change -46.45
Today Daily Change % -0.72
Today daily open 6423.21
 
Trends
Daily SMA20 5960.43
Daily SMA50 7927.08
Daily SMA100 8173.02
Daily SMA200 8248.38
 
Levels
Previous Daily High 6525.83
Previous Daily Low 6338.56
Previous Weekly High 6983.8
Previous Weekly Low 5683.95
Previous Monthly High 9215.51
Previous Monthly Low 3886.49
Daily Fibonacci 38.2% 6454.29
Daily Fibonacci 61.8% 6410.1
Daily Pivot Point S1 6332.57
Daily Pivot Point S2 6241.93
Daily Pivot Point S3 6145.3
Daily Pivot Point R1 6519.84
Daily Pivot Point R2 6616.47
Daily Pivot Point R3 6707.11

 

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin rises to new yearly highs while the rest of the crypto market follows

Bulls are finally making a comeback into the market and regaining full control of the price across the board. According to the data by CoinMarketCap, a massive $22 billion has come into the market amid Bitcoin’s recovery beyond $13,000.

More Bitcoin News

Zcash is about to have its major protocol update and halving at the same time

A privacy-focused cryptocurrency Zcash is less than a month away from its first-ever halving event that will take place on block 1 046 400, around November 18. 

More Zcash news

ADA flashes sell signal as bears get ready to take control

Cardano found support at the $0.076 support line and bounced. As of press time, ADA is trading for $0.107 and is consolidating between 100-day SMA ($0.114) and 50-day SMA ($0.097). 

More Cardano News

LINK, OMG, and THETA spike 10% over the past 24 hours thanks to PayPal

The cryptocurrency market saw a $20 billion increase in its total market capitalization in the past 24 hours. It is only $6 billion away from the 2020-high on September 1 at $391 billion total. 

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind

Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000. 

Read the weekly forecast

BTC

ETH

XRP