- Bitcoin price is trading at the narrow end of a contracting triangle pending a breakout.
- The 200SMA is a resistance line currently at $6,976.10 while the 100SMA will offer support close to the 38.2% Fib level.
- North Korea’s blockchain and crypto conference is expected to attract industry experts from all over the world.
Bitcoin price is still range bound in spite of the slight recovery witnessed over the last weekend as observed on the 4-hour chart. An earlier published analysis indicated that Bitcoin was struggling to stay above $6,700. However, the crypto is currently stable while trading at $6,735 and flirting with the 61.8% Fib retracement level taken between the highs of $7,159.99 and a low of $6,002.16.
There is a contracting triangle pattern that is approaching a breakout on the same chart. A break above the trendline resistance will help the buyers forge ahead towards $6,800. The 200 4-hour simple moving average will prevent gains at $6,976.10 as the trend heads towards $7,000. On the flipside, if the trendline support is broken, BTC/USD is likely to breakdown further towards the support at $6,400. But before that the 100SMA close to the 38.2% Fib level will hold the price.
In other news, North Korea is planning to host its very first cryptocurrency conference come October. As reported by Radio Free Asia, the conference will be held in the hermit kingdom’s capital of Pyongyang. The conference is expected to go on for a couple of days. Other reports say that North Korea’s blockchain and crypto conference is expected to attract industry experts from all over the world.
The logistics of the conference have not been released to the public and it remains a mystery how the country will pull through with this considering that it has been hit with many sanctions in addition US citizens are banned from traveling to the country exception in extraordinary (special) circumstances.
BTC/USD 4-hour chart
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