Bitcoin Price Analysis: BTC/USD Rising Triangle Pattern Reversal Targets $8,400
- Bitcoin price recovers from the weekend support at $9,500 but stalls short of $10,000.
- The selling pressure at $10,000 is still intact; if unbroken in the short term, BTC/USD could spiral to $8,400.
Bitcoin price is facing a make or break situation. If the key hurdle at $10,000 is broken, Bitcoin could easily sail towards $10,500. However, if the selling pressure at the same zone stays intact, then Bitcoin could start losing momentum. For instance, the weekend session already saw BTC/USD retest $9,500 support. After the support was confirmed, Bitcoin buyers’ confidence increased. The renewed bullish grip is currently dealing with the resistance at $10,000.
Meanwhile, Bitcoin price is trading at $9,876 following a minor correction from the intraday high at $9,957. The Relative Strength Index (RSI) clearly shows that the bulls are in control and could continue to pull the price upwards. The same bulls are also facing their ultimate test to break the key $10,000 seller zone. Note that if this resistance is conquered, more buyers that are watching from the sidelines could join the market in order to capitalize on a possible breakout towards April high above $10,500.
BTC/USD 4-hour chart
On the flip side, if $10,000 remains unconquered in the short term, bullish influence could spike. In this case, the accrued gains could be trimmed massively. Moreover, the forming rising triangle pattern could jeopardize tentative support levels at $9,200, and $8,800. On the downside, the ultimate target is the support at $8,400. For now, the best the bulls can do is to hold above the weak support at $9,800 and keep their attention on breaking shuttering the resistance at $10,000.
Bitcoin Intraday Levels
Spot rate: $9,875
Percentage change: 2%
Relative change: 191
Trend: Short term bearish bias
Volatility: High
The selling pressure at $10,000 is still intact; if unbroken in the short term, BTC/USD could spiral to $8,400.
To get the daily price analysis, Follow us on TradingView
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Mon, 18 May 2020 03:36:27 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram