Over the past two days, the price of the leading cryptocurrency Bitcoin [BTC] is hovering somewhat around in-between the price ranges of $9200 USD – $9500 USD.
Bitcoin is well understood for its volatility and doesn’t tend to remain at one price tag for long, or trade at a decent range of 3-4% for days already.
As it can be observed following the 4-hour chart, the Bitcoin price is forming an enormous symmetrical triangle for nearly a month. This triangle apex is predicted sometime within the next week; however, a breakout can occur at any time, usually before the apex itself.
Anyways, a choice has soon to be made, also judging by the declining amount of trading volume.
What Expected From Bitcoin Next?
Symmetrical triangles have chances to interrupt either way. However, we should always have in mind that Bitcoin is now facing the highest angle of its resistance, along side the $9400 USD mark, which had been a troublesome resistance for Bitcoin over the past week.
Looking at the 4-hours chart, we can definitely identify a hidden bearish divergence, whereas the worth goes following lower highs while the RSI indicator goes through higher highs. This might indicate on an upcoming bearish shift.
Another thing in mind is that the correlation between the Bitcoin price as well as the markets. Bitcoin could be waiting to ascertain how Wall Street futures would open [Sunday afternoon U.S. time] and then act accordingly.
Bitcoin Price Resistance Levels
Considering all the above factors, the primary significant resistance now lies at $9400 USD, alongside the triangles upper trend-line (marked blue on the 4-hour chart) and therefore the 50-days moving average line (the pink line).
However, in case of a breakout, we will expect Bitcoin to accelerate from $9500 – $9600 quickly. Further above lies the daily chart’s yellow descending trend-line, currently around $9800 USD.
From below, the primary significant price is expected to be around $9200 USD, followed by $9130 USD and $9000 USD. Further below lies the $8900 – $9000 area, which is additionally this week’s low.
Bitcoin Stats For 21st June
Total Market Cap: $265.8 billion
Bitcoin Market Cap: $172.29 billion
BTC Dominance Index: 64.9%