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.
The U.S. Securities and Exchange Commission has approved Bitwise’s spot Chainlink ETF, marking the first…
Rumble and Tether have officially launched the Rumble Wallet, a self-custodial crypto wallet integrated directly…
BNB Chain is preparing to activate its Fermi hard fork on January 14 at 2:30…
Ethereum closes 2025 having firmly established itself as the secure foundation for an expanding digital…
Solana ends 2025 as one of the few blockchain ecosystems where revenue, assets, and trading…
Morgan Stanley has taken a decisive step into the regulated crypto investment market, filing its…