Bitcoin price analysis: Teasing ascending triangle breakdown, eyes on $ 8,600

  • Bitcoin targets two-week lows of 8,668, as technical set up turns bearish
  • Ascending triangle pattern on hourly sticks points to further downside.

Bitcoin (BTC/USD), the most dominant cryptocurrency, reverses Saturday’s dead cat bounce from two-week lows of 8,668.60 as the sellers return in early Sunday trading. The recent profit-taking rally in the coin lost legs, as the technical charts painted a bearish picture amid a generalized downbeat tone seen across the crypto space so far this Sunday. At the time of writing, the No. 1 coin holds the lower ground near 8,750 region, down over 0.50% on the day while its market capitalization decreased slightly from $ 160.12 billion to $ 159.13 billion.

Technically, the spot extends its range play in a potential ascending triangle formation, now teasing the pattern breakdown, as it flirts with the rising trendline (pattern) support at 8,758. The selling pressure will intensify on the breakdown, opening floors towards a retest of the two-week lows reached last Friday. A failure to resist the last, the bears will target the next support at 8,600 (round number), below which the pattern target near 8,575 will come into play. The downside appears more compelling, as the price trades below all the key hourly Simple Moving Averages (HMA). Meanwhile, the hourly Relative Strength Index (RSI) has turned flat just below the midline, backing the bearish bias.

Should the coin manage to recover above the 21-HMA at 8,797, the bulls may attempt another run towards the 8,870 level, the confluence of the bearish 50-HMA and horizontal trendline (pattern) resistance.

All in all, the risks remain to the downside, as the weekend love appears to fade.

BTC/USD 1-hour chart

BTC/USD Levels to watch


Today last price 8764.68
Today Daily Change -44.27
Today Daily Change % -0.50
Today daily open 8809.95
Daily SMA20 8791.34
Daily SMA50 8636.46
Daily SMA100 9573.04
Daily SMA200 9145.93
Previous Daily High 8874.74
Previous Daily Low 8717.29
Previous Weekly High 9580.19
Previous Weekly Low 8668.6
Previous Monthly High 10484.7
Previous Monthly Low 7300.54
Daily Fibonacci 38.2% 8814.6
Daily Fibonacci 61.8% 8777.44
Daily Pivot Point S1 8726.58
Daily Pivot Point S2 8643.21
Daily Pivot Point S3 8569.12
Daily Pivot Point R1 8884.03
Daily Pivot Point R2 8958.11
Daily Pivot Point R3 9041.48



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

Looking for the best path to the Moon

The fight for dominance in the crypto market is at a new turning point. Yesterday at mid-morning, Ethereum showed intentions to move higher. A significant breakout of the long-term downtrend in the ETH/BTC pair can confirm the plans of Ethereum.

More Bitcoin News

XRP/USD trapped in a range, the range narrows

XRP/USD has stalled in a tight range limited by $0.1700 on the downside and $0.1800 on the upside. The coin  has stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday.

More Ripple News

ETH/USD retreats below 1-hour SMA200, more pain ahead

ETH/USD is changing hands at $228.60. The coin has lost over 1% since the start of the day and gained 1.4% on a day-to-day basis. Ethereum is the second-largest digital asset has the current market value of $25.6 billion and an average daily trading volume of $6.5 billion.

More Ethereum News

LTC/USD to continue hibernating in a range

Litecoin is the seventh largest digital asset with the current market value of $2.7 billion and an average daily trading volume of $1.15 billion. The coin is locked in a tight range below $42.00.

More Litecoin News


Bitcoin Weekly Forecast: US stocks and Bitcoin options to define Bitcoin's future

Bitcoin bottomed at $8,899 on Thursday, June 25, and recovered to $9,200 by the time of writing. While the pivotal $9,000 remains unbroken, the coin has been oscillating in a tight range for about two weeks now.

Read the weekly forecast