Technical Analysis – BTCUSD tests symmetrical triangle as advance falters
June 28, 2023 1:26 pm
BTCUSD has posted significant gains in the past two weeks, breaking above the downwards sloping trendline that connected its lower highs since April 14 and posting a fresh 2023 peak of 31,416. However, the digital coin experienced a pullback, with the price currently challenging the base of the symmetrical triangle.
The momentum indicators currently suggest that downside risks are intensifying. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the RSI crossed below its 50-neutral mark.
Should the price pierce through the triangle, initial support could be met at the recent support of 29,940. Failing to halt there, Bitcoin could descend towards 29,565 or lower to test the 28,460 resistance, which could serve as support in the future. If that barricade gets violated, the 27,480 hurdle could fend off further declines.
On the flipside, bullish actions could propel the price towards 30,772. Conquering this territory, the bulls could then attack the April peak of 31,064. A jump above that zone could set the stage for the 2023 high of 31,416.
In brief, BTCUSD is attempting to break below its symmetrical triangle after its exponential advance came to halt. Should the price manage to close below this crucial technical zone in the four-hour chart, the recent pullback is likely to accelerate.
BTCUSD has posted significant gains in the past two weeks, breaking above the downwards sloping trendline that connected its lower highs since April 14 and posting a fresh 2023 peak of 31,416. However, the digital coin experienced a pullback, with the price currently challenging the base of the symmetrical triangle.
The momentum indicators currently suggest that downside risks are intensifying. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the RSI crossed below its 50-neutral mark.
Should the price pierce through the triangle, initial support could be met at the recent support of 29,940. Failing to halt there, Bitcoin could descend towards 29,565 or lower to test the 28,460 resistance, which could serve as support in the future. If that barricade gets violated, the 27,480 hurdle could fend off further declines.
On the flipside, bullish actions could propel the price towards 30,772. Conquering this territory, the bulls could then attack the April peak of 31,064. A jump above that zone could set the stage for the 2023 high of 31,416.
In brief, BTCUSD is attempting to break below its symmetrical triangle after its exponential advance came to halt. Should the price manage to close below this crucial technical zone in the four-hour chart, the recent pullback is likely to accelerate.
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