Published 5 seconds ago
In the midst of two-weeks consolidation, the Bitcoin price bounced back twice the local support of $26000. Using this psychological level as a base, the daily chart shows a double-bottom pattern formation. This chart pattern is known to accumulate buying pressure at lower support and triggers a bullish reversal. Thus this pattern could assist the BTC price in escaping the market’s current volatile phase.
Also Read: Bitcoin Core’s Latest Update Promises Major Performance Boost, BTC Price To Rally?
Bitcoin Price Daily Chart
- A potential breakout from the $27500 neckline resistance of the double bottom pattern may encourage a bullish recovery in the BTC price
- The midline of the Bollinger band indicator acts as active resistance trying to restrict bullish growth.
- The intraday trading volume in Bitcoin is $5.68 Billion, indicating a 12.5% loss.
Source-Tradingview
In the daily time frame chart, the Bitcoin price shows a formation of a bullish reversal candle morning star $26000 support. This reversal will fuel the development of the aforementioned double-bottom pattern and push the prices to immediate resistance of $27500.
A breakout above the neckline resistance will be crucial to complete the chart pattern as it boasts the buying momentum in this coin. If the daily candle closes above $27500, the buyers will obtain a suitable springboard to climb higher levels.
This development will encourage buyers to attempt a strong breakout at the long-coming resistance trendline. This dynamics resistance is the key gateway for resuming the prevailing recovery in Bitcoin.
Will Bitcoin Price Surpass $27500?
At the time of writing Bitcoin price is up by small 0.8% over last 24 hrs and is currently $26, 686. Under the influence of the double bottom pattern, the Bitcoin price is likely to witness a bullish upswing in the daily chart. This reversal is bound to breach the $27500 neckline resistance and resolve the current indecisiveness sentiment in the market.
- Bollinger Band: An uptick in the lower band of the BB indicator offers additional support for a bullish reversal.
- Vortex indicator: A higher low formation in the daily RSI slope accentuates the active accumulating from buyers at $26000.
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.
Source: https://coingape.com/markets/bitcoin-price-analysis-will-btc-surpass-27500-before-weekend/