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.

Rajan Dhall, MSTA FX Daily

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.

Additional levels

BTC/USD

Overview
Today last price	5337.8
Today Daily Change	6.61
Today Daily Change %	0.12
Today daily open	5331.19

Trends
Daily SMA20	7563.09
Daily SMA50	8844.94
Daily SMA100	8295.89
Daily SMA200	8518.7

Levels
Previous Daily High	5566.18
Previous Daily Low	4936.46
Previous Weekly High	8899.6
Previous Weekly Low	3886.49
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	5325.63
Daily Fibonacci 61.8%	5177.01
Daily Pivot Point S1	4989.71
Daily Pivot Point S2	4648.23
Daily Pivot Point S3	4359.99
Daily Pivot Point R1	5619.42
Daily Pivot Point R2	5907.66
Daily Pivot Point R3	6249.14

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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