Bitcoin price chart analysis: directional breakout looms

Bitcoin suffered a volatile start to the new trading month. Bearish news that involve the crypto exchange BitMEX in addition to the President Trump contracting Covid 19 weighed very much on the cryptocurrency market.

Bitcoin price chart evaluation demonstrates that a breakout by $10,000 to $10,900 is actually required to stibitcoin photomulate an important directional.

Bitcoin medium-term cost trend Bitcoin suffered another technical setback last week, as the latest negative information caused a sharp reversal coming from the $10,900 degree.

Prior to the pullback, implied volatility towards Bitcoin happens to be at its lowest levels in over eighteen months.

Bitcoin price complex analysis demonstrates that the cryptocurrency is operating within a triangle pattern.

Bitcoin price chart analysis

The daily time frame indicates that the triangle can be found in between the $10,900 and $10,280 technical level.

A breakout from the triangle pattern is expected to prompt the other major directional move while in the BTC/USD pair.

Traders should remember that the $11,100, $11,400 as well as $11,700 levels are actually the principle upside resistance zones, while the $10,000, $9,800, and also $9,600 aspects provide the foremost technical support.

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Bitcoin short term price trend Bitcoin cost complex analysis shows that short-term bulls stay in control when the price trades previously $10,550.

The four hour time frame plays up that a bearish head-and-shoulders pattern remains appropriate while the price trades below the $11,200 degree.

Bitcoin price chart analysis

As per the dimensions of the head-and-shoulders pattern, the BTC/USD pair could fall towards the $9,000 subject.

Watch out for the drawback to accelerate whether the price moves under neckline support, near the $9,900 degree.

It is noteworthy that a pause above $11,200 will probably launch a significant counter rally.

Bitcoin complex summary Bitcoin technical analysis spotlights that a breakout from a large triangle pattern should encourage the other major directional action.