Bitcoin might be forming a symmetrical triangle while moving in the $29k -$31k price range. Let’s discuss what will happen if Bitcoin enters a symmetrical triangle.
Bitcoin is trading above $29.5k per unit with a little change over the last 24h. The largest digital asset trading volume has seen an appreciation of more than 30% during the previous 24 hours. Statistics from the CoinMarketCap show that BTC is 56% down from its all-time high of $68,789. Let’s dive into technical analysis to predict the next move.
Technical Analysis: Symmetrical Triangle
Technical analysis shows that in the 4H timeframe, Bitcoin might be forming a symmetrical triangle. The price is consolidating between two ranges ($29-$31k). The symmetrical triangle is a chart pattern that shows a bullish or bearish breakout. Two possible scenarios from here; If Bitcoin breaks above then we can go to the $36k price level keeping in mind resistance levels at $31k and $32k.
Bearish broke out and can lead Bitcoin to test its support level at $26k. If BTC retests its $26k support level and it doesn’t hold then we might see another bottom near the $23k price level. The role of macro-economic conditions will be critical as BTC and ETH are showing correlation. DYOR