- Summary:
- Bitcoin price is struggling to find bids and rally to $10,000.00. The hourly timeframe reveals that a triangle has formed. Which direction is it headed?
Bitcoin price is struggling to make it to the $10,000.00 psychological handle. Shortly after its halving event, BTCUSD rallied by more than $1,200.00 to around $9,740.00. However, since May 14, the cryptocurrency has just been consolidating just below the $10,000.00 mark.
The 4-hour time frame reveals that BTCUSD is trading slightly below its previous highs which it established on May 8. This could suggest that sellers are looking to push bitcoin price lower. With this said, keep tabs on a close below the low of May 19 at $9,455.05. This could mean that there are enough sellers in the market to push BTCUSD to $9,112.00 where it bottomed on May 15.
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However, it’s worth noting that on the 1-hour chart, BTCUSD has formed a triangle which becomes apparent when you connect the highs and lows from May 14. A strong close above the high of May 18 at $9,966.12 could be enough to break the resistance level. It could also mean that there are enough buyers in the market to push bitcoin price to its May 7 highs at $10,074.00. If there are enough buyers in the market, we may even see BTCUSD rally all the way up to $10,500.00 where it peaked on February 12.