Bitcoin price analysis: Can the bulls be lucky this time after the breakout?

  • BTC/USD trades mildly in the red.
  • Intra day retracement from trendline resistance.
  • Broke out of the falling wedge pattern, again.

Bitcoin, in a shrinking volatility trade on Saturday, was trading in the red as the price faced resistance at the upper trendline channel on the intra day chart, after breaking out of the falling wedge pattern, which it had broken out but failed to hold on to, earlier this month.

BTC/USD was trading 0.4 percent lower at $8,840, retracing from day’s high of $8,970, trendline channel resistance on the intra fay 240-minute chart. Support for the crypto now stands at $8,491 and $8,062.

Earlier this week, BTC broke out of the falling wedge pattern – yes, the same pattern which it broke out earlier in the month but failed to hold on to, and continued its gains so far. If sustained, this could lead the bulls to take it towards new highs.

Daily chart

Intra day 240-minute chart

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