- Bitcoin price trading within a symmetrical triangle
- BTC/USD pair at risk of plunge towards $10,200
- Bitcoin bulls struggling to stay above $10,540 support
Bitcoin price overview
Bitcoin price has been on the decline since hitting a brick wall around $10,800 earlier this month. The bulls failed to protect the support level near $10,600. Most of the other altcoins in the market have followed a similar trend resulting in the loss of over $10 billion in total market capitalization.
BTC/USD 24 hour price movements
The bitcoin price is currently displaying bearish movements, trading below the $10,700 price level. Earlier this week, the crypto had made a positive gesture after the news broke president Donald Trump has been discharged from hospital. However, now the bears appear to have taken over after the rejection near $10,800.
The BTC/USD pair opened the day trading near $10,602.31 after closing the last trade at $10,606.33. So far, the highest price level the flagship cryptocurrency has touched is $10,634.00 and a daily low of $10,547.71.
Bitcoin price analysis 4-hour chart
During the past couple of days, bitcoin initiated a promising uptrend past the $10,600 price level. The flagship cryptocurrency managed to push its recovery above the $10,700 before encountering some rejection. Bitcoin was unable to contain the selling pressure near $10,800, resulting in a sharp decline that sent its price below the $10,700 mark.
The bitcoin price action is currently trading near $10,600, and a strong support line appears to be building up near the $10,540 price level. The upside is trading under a trendline, which forms a part of a symmetrical triangular pattern than is shaping up. The symmetrical triangle signals a breakout or a breakdown.
Bitcoin price prediction
Currently, the BTC/USD pair lacks the momentum to thrust a reversal breakout, and it is trading within the confines of a symmetrical triangle. Bitcoin price can either breakout or breakdown from the pattern that is currently forming.
If the bulls fail to take control of the price action, the selling pressure could rise. The pair is most likely bound to breakdown, given that the upside support line is broken. The bitcoin price action could be heading towards the $10,200 price level if the bearish momentum persists. If the bulls can rise to the occasion at this price level, it would give the BTC/USD pair the boost to test the key resistance at $10,800.
Notably, if the BTC/USD pair breaks down from the symmetrical triangle, the weak support near $10,30 will soak up some of the selling pressure. In case of such an event, bitcoin’s price could revisit the critical support near $10,270.
On the other hand, the bitcoin price could breakout bullishly towards the $10,700 price level. For the BTC/USD pair to make a significant move, it must break out of the symmetrical triangle’s descending trend above the $10,800 critical resistance. From the chart, it is evident the top cryptocurrency is having difficulties staying above the $10,540 anchor point. As such, if the BTC/USD pair breach the support levels between $10,540 and $10,500, it could drop sharply.
