Bitcoin Price Analysis: This chart pattern could help you determine the future path of BTC
|- BTC/USD is trading 0.55% higher as the crypto market consolidates.
- There is a chart pattern emerging on the BTC/USD hourly chart.
BTC/USD 1-hour chart
Bitcoin has now consolidated above the 5K level after a bounce off recent lows. This is typical after any massive fall and traders must be careful that this move higher could be a dead cat bounce. If this is the case, the base low is now the key support zone on the chart and must be watched. On the higher timeframes, the BTC/USD pair is still in a strong downtrend so buyers need to be careful.
Looking closer at the chart, a triangle formation has now been established. Soon price will either breakout or meet the apex. A break in either direction could indicate the price may hit the red target zones. On the topside, 6K is the resistance zone and on the downside, 3,858.00 is the support.
 (29)-637201558206470721.png){kind=link}
Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.