Bitcoin is now trading in sideways range that is getting tighter and tighter. The 1-hour chart is showing a very clear triangle formation. This type of pattern usually indicates a building up of pressure in the market, which usually resolves itself with a very violent break. As of now, there really aren’t any technical signs as to which way the market is likely to break.
As I mentioned in my last Bitcoin technical analysis article: the price band between $385-$390 is one giant resistance zone. The $385 area has been used several times as support/resistance in the past three days, so this level might provide some support in the event of another break down.
The market is currently trading at a very critical juncture and it might be wise to wait for a break above $410, for trend continuation, or a drop bellow $380, for a confirmation of a market reversal.
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.
Cloud mining continues to gain massive traction as 2026 inches closer. In tough economic…
Solana Breakpoint wasn’t just another conference this year. It doubled as a stage for Jupiter…
Ripple has scored a major regulatory milestone in Europe. AMINA Bank AG, a Swiss-regulated digital…
a16z just dropped its annual report, and the message is clear: crypto isn’t slowing down.…
Ethereum has activated BPO-1, a protocol adjustment that increases blob capacity per block from 6…
CryptoBench just landed. Developed by ChainOpera AI and Princeton AI Lab, under the guidance of…