Bitcoin Price Analysis: Something looks like it brewing

• Bitcoin is trading 0.57% lower on Tuesday as crypto sentiment is mixed.
• The price is very slowly edging toward 8K in a lacklustre move.

BTC/USD 1-hour chart

Bitcoin volatility is very low as you can see from the hourly chart below. This usually means something is brewing and the market could explode at any moment if the past is anything to go by. There have been times on the hourly timeframe where volumes and candle ranges have been worst than this but more often than not these periods led to a spike in activity. In addition to this being close to a psychological level like the 8K only adds fuel to the fire. 

Looking at the technicals on the chart below, the price as converged into this ascending wedge formation. If the top of the pattern is to provide resistance then the market could sell off before 8K is achieved. If the bulls do get control then the price may have to spike through the top of the pattern. The good news for the bulls is that the price is still trading above the 55 and 200 moving averages. Adding to that, the relative strength index indicator is also in bullish territory above the 50 mid-point.

Additional levels