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
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