Bitcoin Price Analysis: BTC/USD Narrows Towards $9,000 Ahead Of Triangle Breakout

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  • Bitcoin bulls miraculously save $9,000 support averting the risk of plunging to $8,000.
  • The future remains bright for Bitcoin as it trend towards a triangle breakout.

Bitcoin is nurturing the same trend witnessed in August and September when the price continuously formed a lower high pattern. The rendezvous was $10,000 at the moment. And now, this convergent point has shifted to $9,000 after Bitcoin sharply retraced from highs above $10,500. Moreover, recovery towards $10,000 has been mostly lethargic.
As discussed in the technical analysis tailored for pointers on BitMEX margin trading, The downside is clearly not over. In this case, the potential of Bitcoin plummeting under $10,000 is still immense.

BTC/USD two-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The technical picture remains in an unhealthy condition. For instance, the Relative Strength Index (RSI) is stuck under the average at 50. Although not moving towards 30 at the moment, the RSI has been forming a lower high pattern. At the same time, Bitcoin is not oversold in the short-term. This means that there is more room for the bears to explore.

Consequently, the Moving Average Convergence Divergence (MACD) has finally crossed into the negative region. A bearish cross also suggests that bearish pressure is present. However, traders need to be on the lookout for a return above the mean line (0.0). This, coupled with an expanding bullish volume could signal a reversal above $9,200.

Meanwhile, Bitcoin is looking towards a falling triangle breakout. If the price can trade above the trendline resistance, BTC/USD will get a boost towards the short-term supply zone at $9,600 and $10,000 respectively.

Bitcoin Key Technical Levels

Spot rate: $9,123

Relative change: -40

Percentage change: -0.44% on the day

Volatility: Shrinking

Volume: Expanding bullish

Trend: Bullish

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