Bitcoin (BTC) Price Analysis – Can This Triangle Pattern Give Bitcoin A Positive Move?

Bitcoin (BTC) Price Analysis – Can This Triangle Pattern Give Bitcoin A Positive Move?

Bitcoin has continued to maintain $9200 as its average weekly price after showing equilibrium in the demand and supply over the past few days. Currently, the market has seen a relative price reduction over the past two days now and at the same time traded below the $9400 since yesterday. If Bitcoin can break away from a tight range of $9000 – $950, we can expect the market to go either way. At the time of writing, BTC is correcting loss of -0.75%

Bitcoin (BTC) Price Analysis: 4H Chart – Neutral

Key resistance levels: $9600, $9800, $10000
Key support levels: $9200, $9000, $8820

Even though Bitcoin appeared indecisive on the 4-hour time frame but there’s a high probability of making a  bullish move. If we look at the technical indicators reading, Bitcoin is managing to stay positive despite the recent price cut to $9200. This trading zone has been supporting the market for a while now.

BTCUSD, 4H Chart – November 7

If the mentioned support could no longer hold, BTC may short support to $9000 followed by $8820. However, a bounce could allow the market to test the $9500 resistance again. Above this resistance lies the $9800 and $10000. It’s important to note that Bitcoin is now forming a triangle pattern as a surge in volatility is imminent.

Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral

From the hourly outlook, Bitcoin is moving sideways with price bars spotted in a symmetrical triangle – which might cause a significant price surge soon. We can see that the last 24-hours trading has been in favour of the bear while a neutral trend plays. If the bears drive the price below the triangle formation, Bitcoin may find the nearest bottom at $9100 and $9000.

BTCUSD, Hourly Chart – November 7

The MACD and RSI are currently showing a sign of weakness due to the latest price drops. Should a positive move occurs, BTC could surge to $9400, $9500 and $9600 above the triangle. Nevertheless, the leading cryptocurrency is still struggling to move out of a controversial price area.

BITCOIN BUY SIGNAL

Buy Entry: $9271
TP: $9551 / $9591
SL: $9100

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.