BTC/USD technical analysis: Some important technical patterns are on the hourly chart

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  • There is a wedge pattern on the hourly chart that could confirm a bullish directional break.
  • After the channel breakout on the chart, the market has pulled back to retrace near 8,200.

 

BTC/USD has clearly broken out on the upside from the channel formation.

Now the price has consolidated into a wedge formation and a break higher could be on the cards.

Price is under the main value area which is represented by the volume profile indicator on the right-hand side of the chart.

The relative strength index indicator (RSI) has a trendline at the top and a break above could confirm a bullish move. 

On the downside, a break below the 8k support is the level to keep an eye on but a break of the wedge formation would be first.

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