18.7 C
Amsterdam
5 July 2022
PumpMoonshot
Image default
Bitcoin

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

BTCUSD

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.

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

btcusd

In the 4-hour chart, Bitcoin is currently in an uptrend but has lost the 12-EMA and the 26-EMA.

News Source

Related posts

Bitcoin search volumes on Baidu hit new monthly low

PumpMoonshot

Bitcoin Could Avoid a Major Reversal if it Stays Above One Key Support

PumpMoonshot

Wrapped Bitcoins and Ethereum; do they carry a ‘security’ threat now?

PumpMoonshot