Is It Right Time to Buy Bitcoins. newsbtc bitcoin news Key Highlights
Bitcoin price is forming a critical breakout structure on the 2-hours chart (data feed from HitBTC) in the form of a contracting triangle.
A break above the triangle resistance area may ignite an upside move towards the $460 area.
There are a couple of bullish trend lines formed on the hourly chart, supporting the price at the moment (data feed from Bitstamp).
Bitcoin price may be heading towards a break and if buyers manage to take the price above $445, then a move towards $460 is possible. Buy with a break?
Bitcoin price after trading close to the $415-00 support area managed to regain the bullish bias , and corrected higher. However, the upside move was stalled around an important level at $445, as it represents the 50% Fib retracement level of the last drop from the $472 high to $418 low. So, it can be considered as a major failure. Now, the price is forming a breakout pattern in the form of a contracting triangle on the 2-hours chart (data feed from HitBTC). Bitcoin price The 100 simple moving average (H2) is inside the triangle and acting as a minor pivot for the price. The highlighted triangle pattern is contracting and it is on the verge of a break . If the stated failure around the 50% Fib level is true, then we can witness a downside break. In that situation, there can be another bearish wave. On the other hand, if the price manages to break the triangle resistance area, then it could open the doors for more gains. The next hurdle on the upside can be around the 76.4% Fib retracement level of the last drop from the $472 high to $418 low.
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