Bitcoin price update: BTC/USD grinds towards two distinct breakout patterns

  • Bitcoin price lethargic recovery momentum continues as buyers seek a formidable bottom.
  • Whether it is the falling wedge pattern or triangle pattern, BTC is in for some end of their bullish magic.

Bitcoin continues with the support shuttering movements on Friday last week. However, the weekend session experienced shallow recovery across the board. Bitcoin posted minor gains above $8,500. The prevailing trend is generally bearish with BTC trading at $8,448 after correction from $8,502 (intraday high).

A couple of technical patterns breakouts are in the offing. The falling wedge pattern is still seeking a bottom to assist in boosting a rally above $9,000. Meanwhile, a wide symmetrical triangle pattern is also approaching a breakout. Whichever among the two patterns breaks out the first, BTC will be getting ready for that end of the year rally magic.

For now, the technical picture is inclined to the negative. The MACD is under the mean line and its sideways movement suggests that sideways trading will prevailing in the coming sessions on Monday.

BTX/USD 4-hour chart

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