Since the big sell-off that occurred on December 11, the price of Bitcoin has steadily appreciated with some interesting price action along the way. The $442 area is now a fairly established pivot zone; acting twice as resistance and another two times as support.
There is another major pivot zone that can be observed on the 30-minute chart, which just happens to be preventing the market from breaking higher. Of course I am referring to $461.50. This level gave the market some pause on the 15th, and is now acting as resistance once again.
Despite the two large sell-offs, the trend line has not been broken just yet. The 2-hour chart is showing that the market is getting into a tighter trading range. A triangle formation can also be made out quite clearly. Litecoin – which closely correlates with Bitcoin – is also showing a similar pattern. It is very clear that pressure is building up and that a violent break is imminent. If price breaks lower towards the pivot at $442, then the trend line will be violated, and that could be the trigger that breaks the current bull market.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart source: https://www.okcoin.com
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
In the unpredictable world of cryptocurrency, new tokens launch daily, each one a shining beacon…
Once more, Ethereum is commanding the spotlight as fresh figures indicate that the amount of…
The ecosystem on Arbitrum keeps flaunting its robust foundations, with a steady incline in the…
Once again, major market players are focusing on Ethereum. The whale activity surrounding the second-largest…
It has been a tumultuous week for the artificial intelligence sector in crypto. Sharp valuation…
Following a brief stint of dormancy, the BSC Foundation is back in action, reestablishing its strategic…