Bitcoin is now trading in sideways range that is getting tighter and tighter. The 1-hour chart is showing a very clear triangle formation. This type of pattern usually indicates a building up of pressure in the market, which usually resolves itself with a very violent break. As of now, there really aren’t any technical signs as to which way the market is likely to break.
As I mentioned in my last Bitcoin technical analysis
article: the price band between $385-$390 is one giant resistance zone. The $385 area has been used several times as support/resistance in the past three days, so this level might provide some support in the event of another break down.The market is currently trading at a very critical juncture and it might be wise to wait for a break above $410, for trend continuation, or a drop bellow $380, for a confirmation of a market reversal.
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.Crypto Analysts Answer: Will BlockDAG be set to Eclipse Bitcoin and Sui Network With its…
BlockDAG’s $23.2M Presale Gains Recognition Worldwide as Major Influencers Vouch For It Outshining Cardano's Price…
BlockDAG Dev Release 23 Sparks P2P Revolution: Anticipation of X1 Miner App Beta Version Causes…
Historically, extended periods of market downturn have often preceded a resurgence in crypto prices, ultimately…
Discover the charm of BEFE Coin, a special meme coin today. As it starts catching…
Many investors are always careful about wanting to invest in any crypto project because of…