Bitcoin price since the beginning of 2022 has maintained a very undetermined rally as the price is hovering according to its pre designed path. And in such cases BTC price manifested a confused rally that could impact the entire crypto space.
Currently, after breaking through the symmetrical triangle, the asset is yet again trending within the same triangle yet again. And again showcasing a confusing price movement that may take any direction from the current levels.
Bitcoin price is yet again swinging within the same symmetric triangle once again and before reaching the apex is on the verge to test the lower support levels. However, BTC price is possessing both the possibilities of ranging towards the north as well as diving towards the south.
However, if in case the asset undergoes a rally towards the north, then it may be pretty safe from the danger ahead. While if the asset declines from these levels more bearish trap may be on its way for the BTC price.
Bitcoin(BTC) Price Technical Analysis
Bitcoin price is an extremely bearish trend in the short term as well as in the long term. More and more indicators point out towards a sell signal for the asset. Yet some hopes of a minor uptrend are still alive as the StochasticRSI has hit the lower levels in the short term and is about to make an upside move very soon.
| Technical Indicators | Value(1Hr / 1D) | Action(1Hr/1D) |
| StochasticRSI(StochRSI) (14) | 0.00 / 72.4 | Oversold / Buy |
| MACD (12,26) | -175.1 / -1532.8 | Sell / Sell |
| Average True Range (ATR) (14) | 227.2 / 1836.5 | Less Volatility / Less Volatility |
| Bull-Bear Power(13) | -776.3 / -1515.4 | Sell / Sell |
The MACD which compares the 12-day & 26 -day MA and indicates the extreme ends signals a bearish trend with sell signals in both short term & long term.
While the ATR which records the market sentiments indicates the asset to be less volatile, Bull-Bear power also signifies the growing strength of the bears. And hence one can expect a notable dump in the upcoming days which may drag the BTC price close to $40K levels in the near future.
Source: https://coinpedia.org/bitcoin/bitcoin-is-forming-insane-patterns-what-is-waiting-for-btc-price-in-the-next-couple-of-days/