Bitcoin Price Analysis: This chart pattern could help you determine the future path of BTC
- BTC/USD is trading 0.55% higher as the crypto market consolidates.
- There is a chart pattern emerging on the BTC/USD hourly chart.
BTC/USD 1-hour chart
Bitcoin has now consolidated above the 5K level after a bounce off recent lows. This is typical after any massive fall and traders must be careful that this move higher could be a dead cat bounce. If this is the case, the base low is now the key support zone on the chart and must be watched. On the higher timeframes, the BTC/USD pair is still in a strong downtrend so buyers need to be careful.
Looking closer at the chart, a triangle formation has now been established. Soon price will either breakout or meet the apex. A break in either direction could indicate the price may hit the red target zones. On the topside, 6K is the resistance zone and on the downside, 3,858.00 is the support.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
