BTC Price Analysis: Bitcoin Preparing For A Heavy Breakout, Decisive Confirmation Above $9650 Incoming

  • BTCUSD is moving in a symmetrical triangle that is at its high end currently
  • The longer such a triangle consolidates the heavier the breakout will be.

BTCUSD is trading above the 20 and 55-EMA which gives the structure more bullishness than bearishness. This can firstly indicate a breakout to the upside as the trend consolidation is above the EMAs.

BTCUSD Price Analysis: 4 Hr BTC Chart

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BTC price Analysis

  • PREVIOUS: 9783.00
  • OPEN: 9786.64
  • VOLUME: 5.634K
  • DAY’S RANGE: 9566.81 — 9897.46

The volume is declining which is adding to the breakout scenario that will happen for BTCUSD. After the heavy breakout with its great volume BTCUSD has a falling volume which can indicate a price peak. The RSI consolidates in the middle and looks like it wants to aim for the lower and higher boundaries as its trending conditions. The MACD is in a moderate state with a breakout to the upside possible as the fast line crosses the slower.

Adding these signs all together we have a more bullish price-chart and triangle than a bearish one. The fact that BTCUSD is consolidating above the EMAs and has some bullish volatility gives the triangle a bullish shape.

When measured in probability we have a 65 % probability to breakout bullish and a 35 % probability to breakout bearish. It will be nice to see how this plays out in the bitcoins chart.

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  • TREND: Sideways
  • EXPECTATION: Breakout
  • PERCENTAGE EXPECTATION: 65 % Bullish , 35 % Bearish

Source: coingape.com

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