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- Bitcoin has been rejected thrice from the $60200 level in the last two months
- BTC price has been coiling up in an ascending triangle candlestick pattern
- Breakout of this level could take the BITCOIN price higher than $70000
BTC price has been spiraling in the ascending triangle candlestick pattern with a resistance level of $60200. The breakout could increase Bitcoin price by more than $70000. BTC price is above 50 EMA(yellow) in the daily timeframe, providing constant support. The market capitalisation of the BTC is $1,123,822,482,561 (+0.38%) and the 24hour volume of the coin is $48,572,201,143 (-5.44%)
LET’S RIDE THE UPTREND
After being calm for two months, Bitcoin is ready to give a breakout of a significant resistance level. The ascending triangle candlestick pattern has been raging the traders with bullish sentiments, with the constant rejection from the resistance level.
However, in the 4-hour timeframe, this resistance level’s breakout is expected to be close. Breakout of this level could unleash the bulls to raise the price to $70000.
The support zone mentioned in the chart could save the falling price if rejected again.
In the 4-hour timeframe, the price is above the 50 EMA( yellow) and has been taking constant support from 200 EMA(white) and the support trendline.
The relative strength indicator (neutral) at the value of 60 is heading towards the overbought zone with an upward slope. In contrast, MACD lines are closing in on each other, forecasting a bearish crossover.
Conclusion
Breakout of $60200 level could be an excellent opportunity for bulls to raise the price, but rejection could land the price near $50000. Early traders must be cautious before entering and must take RSI and MACD crossover in the account.
Support- 50 EMA, 200EMA, Support trendline, and the mentioned support zone
Resistance – $60200
