Bitcoin Price Analysis: Triangle Broken, Bitcoin to Test $800 Soon?

Bitcoin price managed to break out of a triangle formation. The BTCUSD pair was trapped inside a flat that was formed since the price bottomed at the $555 mark. Although the price quickly recovered it was incapable of breaking the $700 resistance zone. Now bulls are trying to slowly overcome  this hurdle.

On June 18, Bitcoin established a two-year all-time-high, after reaching the $789.78 mark (data via Bitfinex) the price found sellers, driving it down to a minimum of $555. After that, the price has been consolidating, forming a flat ranging from $614 to $664.

 

The triangle formation

The downtrend trend line prevented gains but at the same time ‘higher lows‘ were forming, this indicates that the price is consistently making gains. Both tendencies converged at a crucial point. Bears were unable to push down the price, and the trend line they formed broke apart.

‘Higher Lows’ in the chart.

Related Post

 

The daily candle will confirm or deny the current uptrend.

The MACD in the daily chart suggests that the new bull rally hasn’t even started. The next daily candle should be green to confirm the uptrend, alternatively, it could be a stretched red candle (consolidation). The next resistance areas are $700-$716. If the volume is able to pick up the pace, we could see the price testing the $800 area soon. Traders on the sidelines (and wanting to go long) should wait until the price retraces to the 30MA on the 1HR range to add

  • Support Level: $660.
  • Resistance: $677.

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Eduardo Gómez

Eduardo Gómez is a Computer Science Major from Venezuela, a country with a loyal Bitcoin user base. He discovered Bitcoin in 2012 and now he use it to escape the triple-digit inflation that Venezuela suffers, he is focusing on developing a writing career, and he tries to keep up with the news in FinTech and Blockchain Technologies.

Share
Published by
Eduardo Gómez

Recent Posts

TRX Price Prediction: Tron Network Fee Cut to Spark New ATH?

Back into Spotlight: Tron Network Fee Cut Could Push TRX to ATH, But This DeFi…

8 hours ago

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

12 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

15 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

15 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

15 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

16 hours ago