Is Bitcoin preparing for another big move?
I see another narrow consolidation pattern forming on the 4-hour time frame for BTC/USD.
It’s best to keep these levels on your radar, so you can gauge which direction it might be going.
Bitcoin (BTC/USD) 1 hour Planned by TV
Bitcoin had trouble breaking the key barrier of $30,000 last month and has been falling ever since.
The bears needed a break from the slide, though, which led to the BTC/USD pair forming higher lows and decreasing tops within a symmetrical triangle pattern.
Now price could still move in any direction from here as another strong surge in bullish pressure could trigger a move above triangle resistance.
If that happens, Bitcoin could rise as high as the chart formation or even make another attempt to climb above $30,000.
On the other hand, a break below the bottom of the triangle may trigger another bearish wave, which will lead to sell-offs of the same size as the triangle.
Technical indicators are giving mixed signals so far, with moving averages oscillating to reflect sideways movement and stochastic hovering near oversold levels.
If the oscillator starts to go higher, it could be a sign that the bitcoin bulls are getting ready to charge again.
Just make sure you also keep tabs on overall market sentiment when trading this, as more signs of trouble in the banking sector could revive the power of crypto!
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