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The Bitcoin price witnessed high volatility and unclear trend over the past two months. However, despite this consolidation, the price action respected two divergence trend lines which revealed the formation of a megaphone pattern. This pattern commonly appears during such indecisive sentiment in the market but its completion triggered a direction rally for the assets. Thus, the BTC price’s recent breakout from the pattern’s resistance trendline indicates a possibility for further rally.
Key Points
- A bullish breakout from the megaphone pattern’s resistance trendline could set Bitcoin price at 15%
- A potential bullish crossover between the 100-and-200-day will accelerate the buying momentum in the market
- The intraday trading volume in Bitcoin is $43.2 Billion, indicating a 2% gain
Source-Tradingview
The Bitcoin price has showcased a V-shaped recovery in the daily time frame chart indicating the buyers’ confidence in resuming the prior uptrend. From the last swing low of $20000, the BTC price surged 37.2% higher to reach the current price of $27492.
Amid this recovery, the Bitcoin price has reclaimed two crucial resistance of $25000 and the resistance trendline of the megaphone pattern. The $25000 is a multi-month horizontal barrier, while the pattern’s ascending trendline limited bullish growth for the past two months.
Thus, a bullish breakout from the aforementioned resistance should offer buyers a significant footing to further bolster the bullish rally. However, after such an aggressive rally, the Bitcoin price likely gives a minor pullback and checks price sustainability above the reclaimed levels.
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Thus, a potential pullback to ascending trendline or $25000 can offer an entry opportunity to interested buyers. If the coin price manages to sustain above these levels, the buyers may drive the prices above $28000 and hit the $32000 significant barrier.
On a contrary note, a breakdown below $25000 could undermine the bullish thesis.
Technical Indicator
RSI: The daily-RSI slope wavering high in the bullish territory indicates the buying pressure is strong and can bolster further growth.
EMAs: A large gap between the coin price and their exponential moving averages happens in overextended price movement. Thus, Bitcoin price is likely to coil up or retrace lower to stabilize the price trend.
Bitcoin Price Intraday Levels
- Spot rate: $27516
- Trend: Bullish
- Volatility: Low
- Resistance levels- $28000 and $32000
- Support levels- $25000 and $23870
The post What’s Next For Bitcoin Price; $30k Or $22k? appeared first on CoinGape.
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