CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
  • Opinions
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
Home » BTC » Bitcoin Facing Critical Decision Reaching Symmetrical Triangle’s Apex: BTC Price Analysis

Bitcoin Facing Critical Decision Reaching Symmetrical Triangle’s Apex: BTC Price Analysis

Author: CryptoVizArt

Last Updated Mar 13, 2022 @ 15:01

Since January 2022, Bitcoin has been experiencing significant volatility. The following chart shows an evident supply zone at the $45-46K price area, marking it the range’s top and the main barrier for the BTC price to reach out for a possible retest of the $50-60K channel.

On the other hand, a distinguished demand area at the $33-35K region marks this area as the lower consolidation boundary.

The Daily Chart

Technical Analysis by Shayan

Currently, the price stabilizes above the $37K mark, which turned into the crucial short-term support level. Given the current state of global uncertainty and the existing fear in the market, there is a considerable possibility that bitcoin price will continue to consolidate between these two supply and demand zones, with substantial volatility.

The 4-Hour Chart

On the shorter-term timeframe, the mentioned volatility is explicit. The recent price action indicates an equilibrium between the bears and the bulls at the moment.

As the chart shows, bitcoin moves inside a symmetrical triangle pattern. As the price approaches the apex, it will either break through the upper trendline for a bullish breakout or break below the lower trendline for a bearish continuation.

A break above/below a triangular pattern can be considered potential bullish/bearish signals, especially if followed by a high amount of volume. Hence, bitcoin will test the $37K support level soon if the lower trendline is broken.

Furthermore, the MACD indicator is about to turn positive, increasing the probability of an imminent bullish breakout.

Onchain Analysis

The Taker Buy Sell Ratio is represented on the following chart, indicating whether buyers or sellers are more aggressive in the order book. Values above 1 imply intense demand in the perpetual futures market, while values below 1 suggest selling pressure.

This indicator showed values above one throughout the recent swing from $33K to $46K, which could be construed as intense demand. However, the price has not been rising considerably this time, which might be a bearish indication. Furthermore, demand appears to be diminishing as this indicator is heading lower towards 1.

SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).


Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Tags: Bitcoin (BTC) Price
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Crypto VizArt
More posts by this author

Full-time on-chain Data Analyst and Python Programmer. Passionate about Bitcoin and DataVisualization. Contact: Twitter

  • bitcoin
    BTC$38,464.00
  • ethereum
    ETH$2,082.83
  • Join Our Community

    FacebookX YouTubeTelegram


    Editorials
    Could the Blockchain Disrupt Big Data in the E-commerce Industry?

    Could the Blockchain Disrupt Big Data in the E-commerce Industry?

    Binance’s New CEO Richard Teng: The Key Factors That Will Drive Mass Adoption in 2024 (Interview)

    Binance’s New CEO Richard Teng: The Key Factors That Will Drive Mass Adoption in 2024 (Interview)

    How Bitcoin Can Be a Lifeboat for People in Third World Countries: Interview with Ledn’s Mauricio Di Bartolomeo

    How Bitcoin Can Be a Lifeboat for People in Third World Countries: Interview with Ledn’s Mauricio Di Bartolomeo

    What 600 Startup Applications Tell About Blockchain & AI in 2024

    What 600 Startup Applications Tell About Blockchain & AI in 2024

    Bitcoin, Security, and the Future of Crypto: Interview with Jameson Lopp (Bitcoin Amsterdam 2023)

    Bitcoin, Security, and the Future of Crypto: Interview with Jameson Lopp (Bitcoin Amsterdam 2023)

    Zero-Knowledge (ZK) 101: Everything You Need to Know About ZK Proofs

    Zero-Knowledge (ZK) 101: Everything You Need to Know About ZK Proofs

    Potential Implication of SBF Verdict on Crypto Leaders

    Potential Implication of SBF Verdict on Crypto Leaders

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!