RATE Group | Symmetrical triangle in play, focus on Sunday’s close
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Symmetrical triangle in play, focus on Sunday’s close

14 Jul Symmetrical triangle in play, focus on Sunday’s close

Posted at 08:52h in Bitcoin News by

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  • Symmetrical triangle spotted on the daily chart, the downside seems compelling.
  • A failure to close below 11,300, a test of 12k mark to be back on sight.

 

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, resumes its weekend tailspin, as the overnight recovery from eleven-day lows of 10,814 fizzled on early Sunday just shy of the 11,500 level. At the press time, the prices are seen flirting with the key support located at 11,300. The No. 1 coin is down nearly 3.50% over the last 24 hours but manages to a market capitalization of about $ 201 billion, down from $ 207 billion seen on Saturday.

For the BTC price outlook over the next fortnight, Sunday’s close is pivotal, as the daily chart displays a symmetrical triangle formation. Over the last 2-weeks, the coin has traveled within the triangle, mostly along the slope of the trendline support while the upside attempts on two occasions faced rejection at the downward sloping trendline

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