Bitcoin price analysis: Symmetrical triangle in play, focus on Sunday’s close


  • Symmetrical triangle spotted on the daily chart, the downside seems compelling.
  • A failure to close below 11,300, a test of 12k mark to be back on sight.

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, resumes its weekend tailspin, as the overnight recovery from eleven-day lows of 10,814 fizzled on early Sunday just shy of the 11,500 level. At the press time, the prices are seen flirting with the key support located at 11,300. The No. 1 coin is down nearly 3.50% over the last 24 hours but manages to maintain a market capitalization of about $ 201 billion, down from $ 207 billion seen on Saturday.

For the BTC price outlook over the next fortnight, Sunday’s close is pivotal, as the daily chart displays a symmetrical triangle formation. Over the last 2-weeks, the coin has traveled within the triangle, mostly along the slope of the trendline support while the upside attempts on two occasions faced rejection at the downward sloping trendline resistance.

Overall the bias looks towards the downside, but a triangle bearish break will be confirmed when the prices see a daily closing below the trendline support located at 11,300 levels. Therefore, all eyes remain on this Sunday’s close, as the prices are seen clinging to the above-mentioned key support so far. A daily close below the 11,300 level would open floors towards the upward sloping 50-day Simple moving average (DMA) now at 9,890, below which the 100-DMA at 7,990 will be on the sellers’ radar.

On the flip side, should the prices close above the 11,500/550 levels, the confluence of the immediate resistances and 21-DMA, the bulls would regain control and re-attempt the 12k barrier. A sustained break above the last, the descending trendline resistance of the triangle, placed just ahead of the 13,000 mark, will be back in play.

BTC/USD daily chart

Levels to Watch

BTC/USD

Overview
Today last price 11290
Today Daily Change -134.01
Today Daily Change % -1.18
Today daily open 11375.09
 
Trends
Daily SMA20 10653.49
Daily SMA50 9115.98
Daily SMA100 7221.55
Daily SMA200 5471.29
Levels
Previous Daily High 11844.43
Previous Daily Low 10813.72
Previous Weekly High 13195.19
Previous Weekly Low 10968.34
Previous Monthly High 13862.09
Previous Monthly Low 7437.33
Daily Fibonacci 38.2% 11207.45
Daily Fibonacci 61.8% 11450.7
Daily Pivot Point S1 10844.39
Daily Pivot Point S2 10313.7
Daily Pivot Point S3 9813.68
Daily Pivot Point R1 11875.11
Daily Pivot Point R2 12375.13
Daily Pivot Point R3 12905.82

 

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: BTC/USD recovers following a late bullish rally, faces resistance at $10,275

After BTC/USD went below $10,000, the bulls rallied together to bring the price up to $10,273 this Thursday. The hourly breakdown of Thursday shows us that the price found support at $9,800 and jumped up to $9,880. 

More Bitcoin News

Ripple price update: XRP/USD pivot at the 50% Fibo

Ripple was lucky enough to rise above the key resistance at $0.32. However, the buyers failed to sustains gains above the level resulting in dive under $0.30 on Thursday. The 38.2% Fib retracement level from the last swing high at ...

More Ripple News

Ethereum price analysis: Bears take control to bring ETH/USD back inside the Bollinger Band

Following eight straight bullish days, the bears have finally taken control of the market. ETH/USD has gone down from $221.35 to $217.75 so far today. Let’s look at the hourly breakdown of Thursday and Friday. 

More Ethereum News

BCH/USD technical analysis: Bitcoin Cash finds support ahead of 300 again

Bitcoin Cash is still 0.56% lower this evening but it is not one of the worst-performing cryptocurrencies.  After selling off earlier in the session bulls came in to support the price before it managed to test 300.00 yet again.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP