BTC Trapped In A Retest Phase; Should You Invest?


Following a decisive breakout from the $45000 resistance on March 27th, Bitcoin(BTC) price has remained highly volatile over the past week. However, this retest phase resembles a symmetrical triangle pattern in the shorter time frame, which could kickstart the bullish rally again. Moreover, the Microstrategy($MSTR) accumulates 4167 Bitcoin at an average price of $45714. 

Key points: 

  • Three consecutive monthly green candles appear on the BTC chart
  • The weekly chart shows lower price rejection at $45000 flipped support
  • The intraday trading volume in Bitcoin is $31 Billion, indicating a 5% gain

Source-Tradingview

The ascending triangle pattern carried the Bitcoin(BTC) accumulation phase during the last quarter. A bullish breakout from $45000 resistance triggered the Mark-up period, and the rally reached a high of $48182 on March 30th.

Since last week, the coin price remained trapped in a retest phase, trying to sustain above the breached resistance. However, this uncertainty in the market has formed a symmetry triangle pattern in the 4-hr time frame chart. 

A bullish breakout from this continuation pattern would renew the bullish momentum and allow buyers to breach the $48000. A follow-up breakout and closing above this resistance would suggest a resumption of the bullish rally to its next target at $52000.

On a contrary note, the triangle poses a fallout possibility which could tumble the BTC price below the $45000 support. 

  • Resistance level- $48000, $52500
  • Support level- $45000, $42000

Technical indicator- 

The 200-day EMA aligned with the $45000 support maintains a bullish tendency for Bitcoin. Moreover, the rising 20-and-50 EMA slopes may soon reach the coin price from below to strengthen the bottom support. 

The RSI slope reverts from the overbought neckline(80) on March 30th and nosedive below the 14-SMA. However, this minor pullback brings back stability in the market to extend another leg-up. 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author



Source link

Related articles

Vinci Compass Will Face A Difficult Interval With Decrease Liquidity (NASDAQ:VINP)

This text was written byComply withLengthy-only funding, evaluating firms from an operational, buy-and-hold perspective.Quipus Capital doesn't concentrate on market-driven dynamics and future value motion. As a substitute, our articles concentrate on operational facets,...

Unity lands North Sea decommissioning, effectively intervention contracts

(WO) — Unity has secured greater than £6 million in new offshore contracts, together with a multi-million-pound North Sea effectively decommissioning challenge, as the corporate expands its effectively integrity and worldwide operations.  ...

What’s Holding Development Again? 3 Causes SOL Is Nonetheless Lagging

A latest report highlighted three main causes Solana (SOL) has struggled to maintain tempo with Ethereum (ETH), at the least from a market efficiency perspective that goes past day-to-day value actions.  Market professional Dominic...

Nova Quantity Indicator MT4 – ForexMT4Indicators.com

The Nova Quantity Indicator MT4 was constructed to repair...

The Helium Cellular free plan is not free for anybody

Edgar Cervantes / Android AuthorityTL;DR Helium Cellular reportedly plans to finish its free Zero Plan for present subscribers on June 11. Prospects who take no motion will apparently be moved to the $15/month Air Plan. After...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com