Bitcoin price analysis: Trapped in symmetrical triangle, eyes a break above $ 12k
|- Bitcoin sees a potential symmetrical triangle on hourly chart.
- Upside break looks likely, Saturday’s close is pivotal.
Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, extends its choppy trend in Saturday’s trading, having failed to takeout the key resistances near 11,950 region in the overnight trades. The No. 1 coin’s trading range has narrowed over the last couple of days, suggesting that the tug-of-war between the bulls and bears may finally come to an end soon. At the press time, the rates are seen testing the higher levels near 11,870, gearing up for a much-needed breakout. The coin witnesses marginal gains over the last 24 hours, with a market capitalization of about $ 211 billion.
With regard to the BTC price outlook in the immediate term, a daily close above $ 12000 mark is pivotal, as it will confirm a symmetrical triangle pattern on the hourly sticks and continuation of the ongoing recovery from near 11,460 levels. A sustained breakthrough the 12,000 levels will flash the August 6th high of 12,325 on the bulls’ radar. Buying pressure is likely to intensify above the last, with a test of 12,630 (pattern target) inevitable.
Should the prices close below the confluence of 50, 100 hourly Simple Moving Average (HMA) and the ascending trendline support at 11,790/80 levels, a symmetrical triangle breakdown will be in play, with a cluster of support stacked up between 11,450-11,400 – where the horizontal trendline and upward sloping 200-HMA coincide.
BTC/USD 1-hour chart
BTC/USD Levels to watch
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