- Bitcoin is trading 0.50% lower on Monday as sentiment remains mixed as traders head toward the halving event.
- The price has formed a wedge type pattern and a breakout could help us forecast the future path of BTC.
BTC/USD 1-hour chart
Bitcoin is trading slightly lower on Monday as it pulls away from elevated levels. The price hit a high of 9,478.66 on Saturday 4th April and has not managed to test the level since. Now the price is languishing close but slightly under the 9K psychological zone.
The price has also retaken the 55 period exponential moving average and it seems an attack on the 9K level is next. The price is still trading above the 200 simple moving average after it broke the zone on March 22nd.
Now the key for the bulls is to break the wedge pattern to the upside. The price waves made lower highs and higher lows, this means there is a lack of clear direction in this phase and the market is consolidating before its next move. If the pattern is broken then a test of the 9,478.66 wave high looks to be inevitable.