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After nearly 3 months of sideways price action throughout the market, BTC price is showing signs that a potential trend change is underway. Ever since BTC fell from its high of $64,000, price action has been very choppy with no set trend. This has formed many different price patterns but each of them didn’t play out as usual. A newly found falling wedge pattern shows BTC price has broken out in a bullish manner for the first time in 65 days.
The falling wedge (shown in green) has kept BTC price consolidating for a couple months. Each time price attempted to break either trend, a large rejection was seen in the opposite direction. Just the past 2 days, BTC has fully broken to the upside of this pattern.
BTC Price MUST continue to hold over the top trend to soon experience a bullish trend take place. Along with the top trend lies a major support zone from $31,027-$32,200 that bulls must keep price above to stay in a bullish state.
BTC Price Analysis: BTC/USDT 4 Hour Chart
At the time of writing, BTC was halted at its major resistance zone of $33,078-$33,935. BTC Price must break & hold this mark to experience a large rally to $35,000 and beyond. Along with this major resistance zone lies the 200MA. This MA has acted as a barrier for many months and if bulls fail to hold above this mark, BTC may be in for another downfall. Any price below $31,027 would put BTC price back in hot water.
The RSI has recently turned bullish as it has broken over a month long downtrend line. As long as the strength stays above the 50 value, it should visit the overbought territory fairly soon. The Stochastic RSI was flat lined at the top for nearly the past 2 days.
At the time of writing, strength is headed down to reset in the oversold territory. As long as it bounces hard, BTC will be in clear waters for another price surge.
BTC intraday levels
- Spot rate: $32,172
- Trend: Neutral
- Volatility: Medium
- Support: $31,760
- Resistance: $32,300
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