Many analysts and traders have been anticipating a breakout for the price of Bitcoin as it approaches the end of a triangle pattern which has been forming since January. However, Bitcoin continues to consolidate as it forms another 2018 low for volatility as measured by the Average True Range (ATR). ATR has reached a value of around 190 today, a stark contrast from the value of above 2000 seen in January.

Trading volume has been low, and the RSI has been trading around 50 showing equal pressure from buyers and sellers. The RSI has been consolidating into a triangle pattern. If price action continues to consolidate and trade as it has been, it is likely the triangle pattern will become irrelevant and the price may continue to trade in a range on low volume until a news or event catalysts leads to a price move. The 50 EMA has been acting as some resistance but is likely to break in the event of an influx of buyers.

The hourly price action shows price moving outside of the triangle pattern but not making significant moves. The hourly price action has come back down to the downward trendline of the triangle but may be experiencing some support at the 200 EMA. Short-term momentum is currently with the sellers as the MACD diverges to the downside and crosses the centerline.

Is There Going to Be a Breakout for Bitcoin [BTC]? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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