Bitcoin is trading in a range of bearish descending triangle which was discussed in our last analysis. We will update bitcoin price analysis today according to the price action.
In our previous forecast, it was predicted that the BTC will remain in a bearish descending triangle and price will narrow accordingly.The price moves exactly according to our expectations and moving in an expected range.
The support of triangle is around 12750-12850. Price hit the support previous weak and bounce back.
I am sharing 4-hour Bitcoin price analysis below to give my overview of next move.
Bitcoin 4-Hour Price Analysis
The BTC next triangle falling resistance is around 15000-15500.Price could bounce to the resistance level but it may fail to break the resistance and possible fall back towards its support again to complete the triangle structure.The support will remain the same 12750-12850.
I am expecting the price will move in falling resistance range and it will go narrow unless it will break its range.
The big move is expecting after the break of this range. I have mentioned the breakout areas and the target zone in the chart below.
If price breaks the triangle support and closes the range zone, then the bitcoin price could hit 8500-8800 level in a couple of weeks. If price breaks the resistance line which is mentioned in the chart below, it could hit 21000 zones in a couple of weeks.
We need to check and confirm the break using support and resistance lines.
I am expecting a downside break but I suggest you enter into selling mode after the break of support zone.
Bitcoin Support & Resistance Levels
Bitcoin Support Zone : 12750-12850
Bitcoin Resistance 1 : 15000
Bitcoin Resistance 2 : 14000
Bitcoin Resistance 3 : 13500
Please keep in mind, we consider the break when price close above or below the mentioned levels.
Please have a look at Bitcoin Price Analysis Today 4-hour Chart below
Wish you good luck and happy trading
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com