Bitcoin price analysis: Trapped in symmetrical triangle, eyes a break above $ 12k
- Bitcoin sees a potential symmetrical triangle on hourly chart.
- Upside break looks likely, Saturday’s close is pivotal.
Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, extends its choppy trend in Saturday’s trading, having failed to takeout the key resistances near 11,950 region in the overnight trades. The No. 1 coin’s trading range has narrowed over the last couple of days, suggesting that the tug-of-war between the bulls and bears may finally come to an end soon. At the press time, the rates are seen testing the higher levels near 11,870, gearing up for a much-needed breakout. The coin witnesses marginal gains over the last 24 hours, with a market capitalization of about $ 211 billion.
With regard to the BTC price outlook in the immediate term, a daily close above $ 12000 mark is pivotal, as it will confirm a symmetrical triangle pattern on the hourly sticks and continuation of the ongoing recovery from near 11,460 levels. A sustained breakthrough the 12,000 levels will flash the August 6th high of 12,325 on the bulls’ radar. Buying pressure is likely to intensify above the last, with a test of 12,630 (pattern target) inevitable.
Should the prices close below the confluence of 50, 100 hourly Simple Moving Average (HMA) and the ascending trendline support at 11,790/80 levels, a symmetrical triangle breakdown will be in play, with a cluster of support stacked up between 11,450-11,400 – where the horizontal trendline and upward sloping 200-HMA coincide.
BTC/USD 1-hour chart
BTC/USD Levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
