- A long term symmetrical triangle hints that a breakout targeting $3,000 is not out of the picture.
- Bitcoin bulls’ comeback sends the price towards $6,000 but momentum stalls at $5,426.
BTC/USD weekly chart
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Bitcoin price is trading at $5,250 after adjusting from an intraday high of $5,426. Recovery from the dip under $5,000 on Monday, has established support above $5,000. However, Bitcoin bulls still need a catalyst to support gains towards $6,000.
Meanwhile, BTC/USD is teetering under the 200 SMA, hinting that selling pressure is present. It is vital that Bitcoin bulls push for gains above this moving average to avert the potential risks of sliding below $5,000 again.
BTC/USD 4-hour chart
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Short term analysis shows that Bitcoin price has a bullish bias. The RSI has recovered significantly from the oversold to levels close to 50. There is a possibility of a ranging trend taking over after attempts to rise to $6,000 failed under $5,500. Short term support has been formed at $5,200 but $5,000 remains in place as the key support area.
On the other hand, a breakout from a symmetrical triangle could result in gains towards $6,000. However, this will depend on the magnitude of the technical breakout, positive sentimental change, and increased volume.
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