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BTCUSD: Is Triangle Consolidation Pattern About to Breakout to Complete Range Test?
Summary:
Bitcoin rose by 1.9% to $28,300 per coin in the last 7 days. The total market capitalization of the cryptocurrency market grew 2% in one week to $1.185 trillion.
CLOSED
28263.9
Entry Price
37150.0
TP
21000.0
SL
98786.7 -45.2 -0.05%
1941.2
Pips
Profit
21000.0
SL
30205.1
Exit Price
28263.9
Entry Price
37150.0
TP
Fundamentals
Blockchain projects lost more than $320 million to hacking and fraud in the first quarter of this year, according to a report from CertiK. The latest (recalculated) record for Bitcoin mining difficulty shows a 2.23% increase to 47.89T. The average hash rate for about two weeks since the last recalculation is also a record 342.16 EH/s. The hash rate has increased by 25% since the beginning of the year, indicating growing confidence in the network.
Anthony Scaramucci, the founder of SkyBridge Capital, confirmed his optimistic prediction that Bitcoin will reach $100,000 within three years. By 2030, he puts the price of Bitcoin at $1 million, which is also believed by the CEO of Ark Invest, Cathie Wood.
Tether, the first USDT stablecoin issuer, announced that users of its SimpleSwap trading service can now pair trades with Euro Tether (EURT) and Tether Gold (XAUT).
Divly calculates that only 0.53% of investors worldwide will pay taxes on digital asset transactions by the end of 2022. Finland (4.03%) and Australia (3.65%) account for the highest percentage of these taxpayers.
According to BitRiver, Russia became the second-largest cryptocurrency mining country in the world for the first time in Q1, with 1GW of operational mining capacity. The U.S. remains the leader with 3-4GW.
According to a CNBC survey of industry influencers, the market remains bullish on the future of cryptocurrencies at this stage. According to analyst firm Glassnode, its appeal is growing. The company's experts noted a surge in trading activity when Bitcoin fell to $15,000 in the second half of last year, and a similar trend was seen in 2023.
Representatives of the Derebit platform confirm the generally bullish attitude. According to them, positions in Bitcoin derivatives continue to grow steadily. Derebit emphasizes that most positions are available for purchase, as investors continue to believe in the potential of the crypto market's flagship.
Michael van de Poppe, another well-known analyst, shares the same view. He said that the bulls are still in control. If the Bitcoin price stays above $25,000 for some time, we can count on the possibility of a rise to the $40,000 level.
A crypto analyst named Stockmoney Lizards analyzed the dynamics of the crypto asset. In his opinion, the monthly charts of the asset look promising and indicate the potential for further growth. The readings of the RSI indicator support the expert's hypothesis. Stockmoney Lizards believes that the current market situation is very similar to the period between 2017 and 2020 when a stable uptrend started to form and bitcoin could soon reach the crucial $47,000 mark.
We believe that the Bitcoin price has been consolidating sideways for the past three weeks at around $28,000. During Monday's trading session, the price briefly spiked above $28,500 in a light market. In the daily timeframe, the range has narrowed since the beginning of the month, forming a bullish triangle. The price will continue to move towards a breakout, with another break above $29,000 opening the way for $35,000, while a fall below $27,500 could pave the way for a further dip to $25,500.
Technical Analysis
Bitcoin experienced a brief spike in early 2023, testing a new nine-month high of $29,187 in mid-March. However, the Bitcoin price has failed to move higher several times since then, with the price trading in a narrow range over the past 20 days.
Momentum indicators now reflect a cautiously positive near-term tone as the triangle consolidation pattern narrows further. Specifically, the RSI is moving slightly lower above its neutral 50, while the stochastic oscillator is flat in positive territory after failing to complete a bullish crossover.
If buying pressure persists, bulls will first test the nine-month high of $29,187. After a break above that level, the focus could shift to the May resistance at $32,380. A further move higher to the $37,150 handle could prove to be a tough obstacle for prices to overcome.
On the other hand, if the triangle consolidation pattern breaks down and pushes prices lower, immediate support could be found at $26,690. If that level collapses, the bears could target the previous resistance at $25,250, which is very close to the rising 50-day SMA. A break below that level could open the door to a February bottom at $21375.
Overall, the Bitcoin price seems to be in a (cautiously bullish) consolidation phase at the moment, waiting for something that can provide momentum in a new direction. Therefore, a breakout above or below the narrow range could be followed by sharp swings in the same direction. It is recommended to buy the dips.
Trading Recommendations
Trading Direction: Long
Entry Price: 28130
Target Price: 37150
Stop Loss: 21000
Valid Until: 2023-04-24 23:55:00
Support: 26690, 25250, 21375
Resistance: 29187, 32380, 37150
Risk Warnings and Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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As the market structure for AUDNZD pair indicates a bearish trend from the 4H timeframe perspective, traders are eyeing potential shorting opportunities. The recent rejection from the bearish order block and institutional big figure 1.07000, combined with the filling of the imbalance, suggests that the bearish price action may continue. Here are some bearish indications that traders should consider before making any trading decisions.
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Ether (ETH) had a great week, outperforming Bitcoin (BTC) in terms of price growth. This surge was the result of the Shepella upgrade of the Ethereum network, which is scheduled to take place on April 12th, ahead of the forthcoming Shanghai hard fork. As a result of this significant network upgrade, higher volatility may be expected for ETH in the short term. While the upgrade allows users of staked tokens to use them without restrictions, the question remains whether it will negatively impact ETH prices if the majority of staked coins are sold on the market.
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