• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Is at the Apex of a Key Pattern — the Breakout Will Decide BTC’s Trend

Nick Chong by Nick Chong
7 months ago
in Bitcoin
Reading Time: 2min read
bitcoin
Advertisement
Nexo Logo
Listen to Article

Bitcoin’s price action has been rather volatile over the past two weeks, with the asset whipsawing between the $8,000s and $10,000s.

In the past week alone there was approximately $250 million worth of position liquidations on BitMEX alone due to the volatility, according to data shared by crypto derivatives tracker Skew.com.

Yet the price action has actually been consolidation from a macro perspective. Bitcoin is now approaching the apex of a crucial triangle pattern that has contained Bitcoin’s price action for the past few months.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Its breakout will most likely decide the trend for the next few months, maybe even lower. That’s to say, should BTC break higher, it could be at the start of a full-blown bull run.

Related Reading: Bitcoin Price Looks Like a “Carbon Copy” of Gold, and That’s Bad for Bulls

Bitcoin Is Reaching the Apex of a Triangle Pattern

A cryptocurrency trader recently shared the chart below, noting that Bitcoin is currently consolidating around the apex of two converging technical levels:

  • 1) the horizontal resistance at ~$10,500,
  • and 2) an ascending trendline that has supported BTC since the March lows.

Due to the importance of these two levels and this triangle as a whole, the breakout will be important in determining in what direction the crypto market heads in the medium term.

“I’m still waiting for a HTF move before making a trade. Both sides have been tapped multiple times. I wouldn’t want to guess which one breaks first,” the analyst that shared the chart wrote in reference to its importance.

Image
BTC price chart shared by cryptocurrency trader “Posty” (@PostyXBT on Twitter). The chart shows that BTC is approaching the apex of a triangle formed by two crucial trendlines: the $10,500 horizontal resistance and the uptrend from the March lows.

Should Bitcoin attempt to break out of the triangle, it will happen within the next few days and weeks as the price continues to tighten ahead of expanding either higher or lower.

Related Reading: Crypto Tidbits: $200M of BTC Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish

Analysts Are Betting on an Upward Breakout

Analysts are currently betting that Bitcoin breaks upward from this formation, citing a confluence of technical factors.

As reported by NewsBTC previously, Bitfinex order book data is showing that there is clear buying pressure at the $9,500 range.

Image
Bitcoin price chart with OB Dominance Bands indicator shared by crypto trader Coiner-Yadox (@Yodaskk on Twitter). The chart is new.

This is important because order book data has been extremely accurate in predicting Bitcoin price trends over the past few months. As can be seen in the chart above, the order book data called four previous attempts at taking $10,500, while also suggesting BTC would rally higher after March’s lows.

On-chain indicators are also bullish, with blockchain analytics firm Santiment noting that the Bitcoin bear trend that began after March’s crash just ended according to a profitability metric.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Bitcoin Is at the Apex of a Chart Pattern — the Breakout Will Decide BTC's Trend
Tags: bitcoin pricebtcusdBTCUSDTtechnical analysisxbtusd
TweetShare10
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

20 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

1 day ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

2 days ago
bitcoin bar new york

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Paints Predictive Death Cross as Price Tops Out Near-Term

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.