Bitcoin Technical Analysis for 02/26/2016 – Pressure Accumulating

The pivot zone between $425 & $427 – which I outlined in my last Bitcoin analysis article – is now even more prominent. This price band  has prevented the market from making new highs about eight times since the 23rd of this month.

While not visible on the 4-hour chart, the 1-hour chart reveals an ascending triangle formation, which shows that pressure is accumulating in the market. Price is effectively being pressed against the pivot zone around $425. A violent break seems to be imminent! If price makes it to about $430, then a rally towards the resistance area at $440 becomes very likely.

There aren’t any obvious technical hints as to which way the market is likely to break in the next few days, however, the 4-hour chart is showing a Head & Shoulders formation. If price doesn’t make it above $427 soon, the most likely outcome will be a significant sell-off towards $410.

Related Post



Disclaimer:  This is not trading/investment advice!

Image Source: 1

Chart source:

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.

Published by

Recent Posts

Top 5 Metaverse Coins Gaining Over 20% Today

Metaverse coins continue to dominate the cryptocurrency scene as as many projects continue to see…

3 hours ago

Shiba Inu Price Continues to Show Strong Support at the $0.00004 Level

Shiba Inu continues to trade sideways, showing strong support at $0.00004, as cryptocurrency markets continue…

16 hours ago

Niantic Receives $300M at $9B Valuation To Build Its Real-World Metaverse

Niantic announced today that they received a $300 million investment at a $9 billion valuation…

23 hours ago

AMP Price Up 46% After Binance Listing Announcement

AMP Price is up 46%, making it the biggest gainer on With a market…

1 day ago

The Sandbox Price Up 15%, Potential Adidas Partnership Brewing?

The Sandbox price is up over 15% today making it the second biggest gainer on…

1 day ago

Top 10 Metaverse Coins With the Highest Unit Price

With the variety of Metaverse coins on the market, there's an even wider range of…

1 day ago

This website uses cookies.