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.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart source: https://www.okcoin.com
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.
Core Foundation has just announced a new partnership with Z Protocol, and it’s already getting…
Binance Wallet is quietly stepping into one of crypto’s fastest-growing sectors, prediction markets. According to…
As concerns around quantum computing and crypto security continue to build, Changpeng Zhao is stepping…
Bitmine Immersion Technologies, led by Tom Lee, is continuing to build aggressively on its Ethereum…
Something interesting just played out within the Ethereum space, and it didn’t take long before…
It’s becoming more obvious by the day that Ethereum is not slowing down anytime soon,…