Is bitcoin gearing up for another big move?
I’m seeing another tight consolidation pattern forming on the 4-hour time frame of BTC/USD.
Better keep these levels on your radar, so you can gauge which direction it might go.
Bitcoin (BTC/USD): 1-hour
Bitcoin (BTC/USD) 1-hour Chart by TV
Bitcoin has had trouble busting through the key $30,000 barrier in the past month and has been on the decline ever since.
Bears needed a break from the slide, though, leading BTC/USD to form higher lows and lower highs inside a symmetrical triangle pattern.
Now price could still go any direction from here, as another strong pickup in bullish pressure could lead to a move above the triangle resistance.If that happens, bitcoin could rally by the same height as the chart formation or even make another attempt to climb above $30,000.
On the other hand, a break below the triangle bottom could set off another wave lower, leading to a selloff that’s the same size as the triangle.
Technical indicators are giving mixed signals so far, with the moving averages oscillating to reflect sideways action and Stochastic hovering close to oversold levels.
If the oscillator starts pulling higher, it could be a sign that bitcoin bulls are gearing up to charge once more.
Just make sure you also keep tabs on overall market sentiment when trading this one, as more signs of banking sector trouble could revive crypto strength!
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