Bitcoin price analysis: BTC/USD locked in a symmetrical triangle

July 8, 2019 BitcoinTalkRadio 0 Comments

BTC/USD is range-bound above $11,000 handle.
A sustainable move above $12,000 is needed to mitigate the bearish pressure.

Bitcoin is changing hands at $11,480, mostly unchanged since the beginning of the Asian session on Monday. The first cryptocurrency is locked in a symmetrical triangle pattern, which means that the direction of a breakthrough will define the short-term momentum of the coin.

Bitcoin’s technical picture

The initial resistance for BTC/USD comes at $11,650. This barrier is created by a confluence of the above-said triangle upper line and the 4-hour Bollinger Band upper boundary. A sustainable move higher will open up the way towards a new bullish goal at $12,000. Once this psychological handle is out of the way, the upside is likely to gain traction with the next focus on $12,400 (June 28 high) and $13,000.

On the downside, the initial support is created by a confluence of the triangle pattern lower boundary, SMA100 (Simple Moving Average) and the Bollinger Band middle line on the 4-hour chart. This strong barrier is closely followed by the critical $11,000 level and the lower boundary of the 4-hour Bollinger Band. The next support is at $10,400 with the confluence of the Pivot Point one-day Support 1 and the Pivot Point 1-week Support 1.

Considering that the area both above and below the current price is packed with strong technical levels, a sustainable move in either direction might trigger a strong movement.