Bitcoin Price Weekly Analysis – Triple Top Formation?

Key Highlights

  • Bitcoin price traded higher this past week, but it looks like it is finding offers once again near ¥2490-2500.
  • There is a chance of a triple top pattern on the hourly chart (price feed from Huobi), which may ignite a short-term downside move.
  • The price looks in an uptrend, as there is an ascending channel formed on the daily time frame chart (data feed from BTCChina).

Bitcoin price is facing a tough barrier near the last high of ¥2490-2500. So, it would be interesting to see whether it can manage to break it or not moving ahead.

Short-term Correction?

Bitcoin Price Weekly Analysis Bitcoin Price Weekly Analysis

There was a decent ride towards the upside in Bitcoin price, as it moved above the 100 hourly simple moving average (data feed from Huobi). However, the price is currently trading near the last swing high of ¥2490-2500, which is acting as a major hurdle for buyers. If the price fails to move higher above the stated level, then a chance of a triple top pattern.

On the downside, an initial support is around the 38.2% Fib retracement level of

Read more ... source: TheBitcoinNews