Bitcoin Price Weekly Analysis –BTC/USD Turned Buy Dips

Key Points

  • Bitcoin price after recovering after hack losses against the US Dollar consolidated for some time and then moved higher.
  • There was a major contracting triangle pattern formed on the hourly chart (data feed from SimpleFX) of BTC/USD, which was broken during the upside move.
  • The recent break in the pair suggests that the price has turned bullish and one may consider buying it.

Bitcoin price is back in action as traders sidelined post Bitfinex hack losses. Are you the one looking to enter a buy trade in BTC/USD?

Bitcoin Price Break

Bitcoin price recovered sharply against the US Dollar after declining as low as $465 post the Bitfinex hack news. The price is now back above the $550 level and was seen consolidating for some time. Once the consolidation phase was over, there was a break higher. The BTC bulls managed to clear a monster contracting triangle pattern formed on the hourly chart (data feed from SimpleFX) of BTC/USD.

The price surged higher and traded close to the $585 level after the break where it found offers. The price is currently correcting lower and trading near the 23.6% Fib retracement level of the last wave from the $556 low to $585

Read more ... source: TheBitcoinNews

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