- 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.
Additional levels
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