Key Points
Bitcoin price is on the verge of a monster explosion vs the US dollar, as there is a crucial breakout pattern formed.
There is a bullish trend line formed on the weekly chart (data feed from Bitstamp) of BTC/USD, which is acting as a major support on the downside.
On the upside, there a significant resistance near $465-470, which is preventing gains in BTC.
Bitcoin price may surprise many traders, as there is a monster breakout pattern forming for BTC/USD on the higher timeframe chart that can ignite a major move. Bitcoin Price – Trade With a Break
Many BTC traders are waiting for some action from a long time, but there were mostly ranging moves in BTC/USD. The main reason is the fact that Bitcoin price is currently consolidating before it breaks either higher or lower . If we look at the higher timeframe chart like the weekly chart (data feed from Bitstamp) of BTC/USD, then there is a crucial breakout pattern formed.
On the downside, there is a bullish trend line formed, which is acting as a support area. On the upside, there is a major resistance near $465-470, which is acting as a hurdle for more gains in BTC. So, we can say that the price is stuck between two important levels. A break on the either side might call for a sharp move in BTC/USD. I would not suggest a buy or sell trade, instead I would say if you are looking for a medium term trade, then wait for a break before entering. You can enter on a successful break and close, so that chances of success are more.
Looking at the technical indicators: Weekly MACD – The weekly MACD is almost flat, suggesting the price is consolidating. RSI (Relative Strength Index) […]
