home Bitcoin Analysis, News Bitcoin Price Intraday Analysis: BTC/USD Undergoes False Breakout

Bitcoin Price Intraday Analysis: BTC/USD Undergoes False Breakout



bitcoin transactions

Bitcoin spent its Sunday reclaiming its support near $6,500 after witnessing a false breakout action yesterday.

The BTC/USD, in reality, is stable like it was the previous week. The pair kicked off today by correcting lower from the last short-term upside and false breakout range as discussed in this analysis. It eventually formed lower lows towards 6525-fiat and reversed up to 25-pips in an upside correction action. The price behavior throughout yesterday and today once again confirmed the presence of trading bots on crypto exchanges. However, BTC/USD returned to its stable range and is once again retesting its previous support/resistance levels.

BTC/USD Technical Analysis

The latest price action has brought BTC/USD inside its current triangle pattern. We have adjusted the upper trendline to make it precise with the recent lower highs formed during the pullback action from 6741-peak. We are now seeing bulls finding a stable support level above 6500-fiat, and a clear upside target in sight on a pullback is the upper trendline of the triangle formation, coinciding with 6600-fiat for now.

The RSI indicator and Stochastic oscillator both are looking at a smooth near-term uptrend ahead, which could mean BTC/USD will attempt a breakout action again. If it does, the pair will also go above its 100H and 200H SMAs to indicate a positive bias in the market. The only catch is low volume, which means Bitcoin will remain in a bias conflict while bringing intrarange opportunities in near-term.

BTC/USD Intraday Analysis

The range we are watching today has 6525-fiat acting as interim support and 6606-fiat acting as interim resistance. We have already entered a long position towards resistance on a bounce from support, and a close above resistance will also have us enter a long entry towards 6638-fiat, the upside target in our false breakout area. On both the upside positions, our stop loss will be maintained 4-pips below the entry position to minimize our risks in case a pullback action appears.

Looking the other way, a pullback action, as mentioned above, will have us put a short position towards the support as a part of our intrarange strategy. A close below the support level will also open a decent short position towards 6500-fiat. In these positions, a stop loss somewhere 4-5 pips above the entry position will define our risk management perspective.

Meanwhile, we’ll be watching a newly formed ascending trendline in black as a potential pullback level. We could see its use in our future updates.

Trade safe!

Featured Image from Shutterstock. Charts from TradingView.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement




Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Support Me: Hi! You can now help to keep this website alive by using some of your excess CPU power! You can stop if you need!
Mining Percentage: 0%
Total Accepted Hashes: 0 (0 H/s)
Ok + - Stop