BTCUSDT 4H | Bitcoin market overview: Triangle
Hello, dear subscribers!
In the previous review, we looked at the price decline as the most likely development of events in the bitcoin market. We outlined the support and resistance zones.
Since then, the bitcoin price has fluctuated between $54,000 and $60,000. In recent days, buyers have been battling sellers for the $58,000 level. The bulls managed to briefly hold above the $58,000 level, but time after time they were squeezed by the bears below $58,000.
The bitcoin price has drawn a " triangle" pattern. The closer the price is to the top of the triangle, the more likely it becomes that the price will exit the triangle. The subsequent price movement after the exit is usually the height of the triangle, which in this case is $7,000. It follows that the movement targets will be $51,000 or $66,000, in case the bears or bulls win.
According to the MACD and RSI indicators, we are in a downward price cycle. The OBV indicator is above the support zone of the buyers - 2.15M near its maximum values of 2.25M.
In the coming days we will see which side, buyers or sellers will win.
Subscribe to the channel and stay tuned!
In the previous review, we looked at the price decline as the most likely development of events in the bitcoin market. We outlined the support and resistance zones.
The bitcoin price has drawn a " triangle" pattern. The closer the price is to the top of the triangle, the more likely it becomes that the price will exit the triangle. The subsequent price movement after the exit is usually the height of the triangle, which in this case is $7,000. It follows that the movement targets will be $51,000 or $66,000, in case the bears or bulls win.
According to the MACD and RSI indicators, we are in a downward price cycle. The OBV indicator is above the support zone of the buyers - 2.15M near its maximum values of 2.25M.
In the coming days we will see which side, buyers or sellers will win.
Subscribe to the channel and stay tuned!