Bitcoin (BTC/USD) Market Features a Descending Triangular Pattern
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Bitcoin Price Prediction – February 9
After a line of successive rebounding motions in the BTC/USD trade activities, the crypto-economic market currently features a descending triangular pattern to denote a brighter chance of getting variant sell signals in the subsequent sessions, usually around a higher resistance trading spot. Today’s trading session has witnessed a high and a low of $44,357 and $43,152 at a percentage of 1.54 negatives.
BTC/USD Market
Key Levels:
Resistance levels: $45,000, $47,500, $50,000
Support levels: $42,500, $40,000, $37,500
BTC/USD – Daily Chart
The BTC/USD daily chart reveals the crypto market operation features a descending triangular trading pattern after it couldn’t sustainably surge above the $45,000 resistance level. The bearish trend line drew southward to conform alongside the bigger SMA at the extreme trending end. The 50-day SMA indicator is above the 14-day SMA indicator. The Stochastic Oscillators are in the overbought region, seemingly attempting to rebate northward consolidation moving motion within. That signifies the profanity of a re-occurrence of falling forces in the near session.
Are there still indications backing a return of downward trend in the BTC/USD trade operations as the crypto market features a descending triangular pattern?
The current indications backing a return of downward trend in the BTC/USD trade operations are now on a fresh compiling note at a higher trading spot as the market features a descending triangular pattern. Long-positioning orders may now have to suspend for a while. Price tends to face a firm resistance trading situation as indicated by the reading of the 50-day SMA at the $45,000 in the long-term run of the market.
On the downside of the technical analysis, the BTC/USD market short-position takers have to be cautious of exerting positions, especially when no active reversal motion is spotted. The exertion of sell orders may have to focus around $45,000 or, between it and the $47,500. A loss of momentum in a consolidation moving style of the market will result in a free-fall sooner than later.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart shows bullish trend lines, indicating a recovery motion against the daily chart, which showcases a descending triangular pattern. The 50-day SMA trend line is underneath the 14-day SMA trend line within the rebounding channel trend lines. The Stochastic Oscillators are in the oversold region, moving in a consolidation manner. An upward force may soon return toward the resistance level of around $45,000. A degree of patience is still needed to exercise by short-position takers for a while until an active reversal motion occurs at a higher trading zone before considering a shorting order.
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