Bitcoin Technical Analysis: BTC/USD on the verge of a breakout thanks to a tightening symmetrical triangle
- BTC/USD continues trading inside a daily symmetrical triangle.
- Bitcoin is looking for a clear breakout, possibly within a few days.
Bitcoin price is currently at $9,160 and is not moving too much. There was a slight drop on July 16 towards $9,000 but bulls have managed to recover.
BTC/USD daily chart
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The triangle pattern is on the verge of a breakout, however, it’s important to note that we could see a fakeout as Bitcoin is notorious for experiencing them. Currently, BTC is under both daily EMAs and trying to break the 12-EMA at $9,202.
The most important resistance levels are both EMAs followed by $9,345 and $9,475. If Bitcoin manages to crack all these resistance levels, the path to $10,000 will be mostly resistance-free.
BTC/USD 4-hour chart
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In the 4-hour chart, Bitcoin is currently in an uptrend but has lost the 12-EMA and the 26-EMA.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
