RATE Group | This chart pattern could help you determine the future path of BTC
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This chart pattern could help you determine the future path of BTC

18 Mar This chart pattern could help you determine the future path of BTC

Posted at 23:08h in Bitcoin News by

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  • BTC/USD is trading 0.55% higher as the crypto market consolidates.
  • There is now a chart pattern emerging on the 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 now, 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. 

Bitcoin Price Analysis

Additional levels

 

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