Triangle Breakout Sets BTC Rally To $32000 Mark

A bullish breakout from a symmetrical triangle pattern boasts the ongoing recovery in Bitcoin(BTC) prices. The expected retest could offer a good entry opportunity for interested traders with an expected target of 6.50% high at $32000. However, can buyers undermine the potential resistance of 200 EMA?

Key points: 

• The weekly BTC chart shows seven consecutive red candles
• The 20 and 50 EMA reflects a bullish crossover that could assist buyers in sustaining above $30000
• The intraday trading volume in the Bitcoin is $27.3 Billion, indicating a 3.2% gain

Source- BTC/USD chart by Tradingview

The April 6th fallout from the $45000 mark trapped aggressive buyers who entered the breakout rally. As a result, the forced liquidation of these buyers brought additional sell orders to the market and triggered a significant correction for Bitcoin(BTC).

Moreover, last week’s aggressive selling pressure intensified the ongoing downfall and hit the 2022 new low of $26350.  Furthermore, the minor recovery observed in the hourly chart reflected the formation of the symmetrical triangle pattern. 

The buyers provide a bullish breakdown from the pattern resistance trendline and the $30000 mark, suggesting a higher possibility of price reclaiming the psychology level. 

The sustained buying would drive the coin price 6.50% higher to the $32000 mark. In addition, the traders can expect the recovery rally to continue until the support trendline. 

Therefore, the fallout from this dynamic trendline would indicate a continuation of the prevailing trend in BTC. 

Technical indicator-

EMA- The ongoing recovery rally has breached the 20, 50, and 100 EMAs, indicating a steady North march. However, the overhead resistance at $30,757 could put considerable supply pressure. 

RSI- The daily-RSI slope shows sustainability above the midline(50), indicating the buyers wrestled control from sellers. Moreover, indicating line rallying higher reflects growth in bullish momentum. 

• Resistance level- $30000, and $33000
• Support level- $28000 and $25000

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.