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

BTC/USD

Overview
Today last price 11876
Today Daily Change 21.53
Today Daily Change % 0.18
Today daily open 11857.27
 
Trends
Daily SMA20 10512.98
Daily SMA50 10911.53
Daily SMA100 9310.9
Daily SMA200 6738.88
Levels
Previous Daily High 12038.54
Previous Daily Low 11655.46
Previous Weekly High 12325.08
Previous Weekly Low 10564.42
Previous Monthly High 13195.19
Previous Monthly Low 9080.79
Daily Fibonacci 38.2% 11801.8
Daily Fibonacci 61.8% 11892.2
Daily Pivot Point S1 11662.31
Daily Pivot Point S2 11467.35
Daily Pivot Point S3 11279.23
Daily Pivot Point R1 12045.39
Daily Pivot Point R2 12233.5
Daily Pivot Point R3 12428.46

 

 


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