Bitcoin price chart analysis: Awaiting triangle breakout
14:16, 20 July 2020
Bitcoin bulls continue to defend the $9,000 support level, further indicating that institutional investors remain in accumulation mode.
Bitcoin price chart analysis shows that a short-term directional breakout should take place once the $9,080 to $9,275 price range is broken.
Bitcoin medium-term price trend
Bitcoin fell back towards the $9,000 support level last week, following the Twitter hacking scandal, which appeared to hurt short-term sentiment towards cryptocurrencies.
Bitcoin price technical analysis shows that the BTC/USD pair’s 100-day moving average remains the key support zone to watch below the $8,900 level.
The bigger picture for Bitcoin shows that price is trapped within an ascending triangle between the $9,080 and $10,000 levels.
A sustained breakout under the ascending triangle pattern could cause the BTC/USD pair to slide towards the $8,100 level.
If bulls can anchor price back above the BTC/USD pair’s 50-day moving average, around the $9,400 level, then a rally towards the top of the ascending triangle pattern.
According to the size of the pattern, if bulls break above the triangle pattern, around the $10,000 level, BTC/USD could rally towards the $11,800 resistance zone.
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Bitcoin short-term price trend
Bitcoin price technical analysis shows that short-term bears remain in control while the price trades below the $9,200 level.
The one-hour time frame shows that BTC/USD is trapped with a symmetrical triangle pattern, between the $9,080 to $9,275 level.
According to the size of the triangle pattern the BTC/USD pair could rally towards the $9,400 resistance level if a bullish breakout occurs.
Traders should note that a sustained breakout under the $9,080 level, then a decline towards the $8,880 level could occur.
Bitcoin technical summary
Bitcoin technical analysis indicates that bulls remain in control while price trades above the $9,000 level. The daily time frame shows that the $11,800 level remains the wider bullish target.