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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.
Bitcoin Price Analysis: This chart pattern could help you determine the future path of BTC
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

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. 

Bitcoin Price Analysis

Additional levels

BTC/USD

Overview
Today last price5337.8
Today Daily Change6.61
Today Daily Change %0.12
Today daily open5331.19
 
Trends
Daily SMA207563.09
Daily SMA508844.94
Daily SMA1008295.89
Daily SMA2008518.7
 
Levels
Previous Daily High5566.18
Previous Daily Low4936.46
Previous Weekly High8899.6
Previous Weekly Low3886.49
Previous Monthly High10511.86
Previous Monthly Low8431.17
Daily Fibonacci 38.2%5325.63
Daily Fibonacci 61.8%5177.01
Daily Pivot Point S14989.71
Daily Pivot Point S24648.23
Daily Pivot Point S34359.99
Daily Pivot Point R15619.42
Daily Pivot Point R25907.66
Daily Pivot Point R36249.14

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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