RATE Group | Trapped in symmetrical triangle, eyes a break above $ 12k
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Trapped in symmetrical triangle, eyes a break above $ 12k

10 Aug Trapped in symmetrical triangle, eyes a break above $ 12k

Posted at 11:15h in Bitcoin News by

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  • 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…

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