Tired of Bitcoin’s consolidation? Well, then there is good news! After spending considerable time in a contracting trading range, Bitcoin may well be on course to register another breakout. There is a significant probability that the breakout may be on the upside and lead to swift gains for the cryptocurrency.
Bitcoin is currently trading at $244.42.
Technical analysis of the 240-minute BTC-USD price chart conveys that the cryptocurrency is well poised for the next leg of its rally. However, the support of $240 must not be violated.
Bitcoin Chart Structure – A quick glance at the above-presented chart reveals a bearish technical pattern called Descending Triangle Pattern. Generally, the completion of this pattern is considered when the floor is breached, which leads to a sell-off in the underlying security. In the current case, the support value i.e. $240 has been respected while the resistance is being challenged successively. A powerful breakout would push the price significantly higher.
Moving Average Convergence Divergence – The Histogram is fast erasing the losses in the anticipation of a positive breakout, even as the MACD and the Signal Line decline. The Histogram has risen up to -0.2244