While the stock market selloff seems to be stealing the show these days, bitcoin appears to be gearing up for a big move of its own.
Better keep your eyes locked on these levels, so you don’t miss a breakout!
BTC/USD: 1-hour
Bitcoin (BTC/USD) 1-hour Chart
Crypto charts haven’t been the most exciting ones to watch these days, but we might be in for a lot of action soon.
Bitcoin, in particular, has formed higher lows and lower highs to create a short-term symmetrical triangle pattern. The consolidation has been getting tighter, which means that a big break is due anytime now!
But which way will it go?
Moving averages aren’t giving very strong hints at the moment, as the indicators are simply oscillating to reflect sideways price action.Meanwhile, Stochastic is heading higher to signal that buyers have the upper hand for now. The oscillator has some room to climb before reaching the overbought area to indicate exhaustion among bulls.
In that case, bitcoin might be able to bust through the triangle top around $30,000 and go for a rally that’s at least the same height as the chart formation.
Still, better stay on the lookout for a sharp fall below the triangle bottom around $29,000-29,500 since this might mean yet another leg lower for bitcoin.
You can also check out bitcoin (BTC/USD) pivot points.
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