- Bitcoin trades near $118,520 as symmetrical triangle suggests breakout or breakdown ahead.
- BTC consolidates between $118K and $119K with Ichimoku Cloud support indicating bullish bias.
- Price nearing triangle apex with key breakout level at $118,800 and support at $118,000.
Bitcoin (BTC) is trading there in a small range, and on the charts, it is making a symmetrical triangle which is indicating that Bitcoin is consolidating there. As of 13.50 UTC the cryptocurrency was trading at an amount of 118 520.01 USD, a minor loss of 0.09 percent. It had reached peak of the day at $119,273.36 and had reached its low as at 117,103.10.
Source: X
The symmetrical triangle structure indicates that the pricing arrangement is heading in a manner that causes it to rise and fall where the highs turns down and the lows turns up. Such configuration precedes typically a breakout, so the market is going to be more volatile. More details can be provided with the help of technical indicators such as Ichimoku Cloud. Take the case of Bitcoin whose price is still above the green cloud region meaning that it is destined to rise in the near future.
Important Support and Resistance Levels for BTC/USDT
The area of immediate resistance is between $118,800 and $119,300. If Bitcoin breaks out of this range, it could go up to $119,800 or even $120,500. Traders are watching the $119,500 level closely to see if it might rise. On the other hand, the important support level is close to $118,000. If this level is broken, it could lead to more losses toward $117,500 and maybe even $117,100.
The two indicators that are pointing to a neutral outlook are the(RSI) and the Moving Average Convergence Divergence (MACD). The RSI stands at the current 48.63, meaning that the market can only be characterized as market neutral. MACD has got a weak positive bias and still the momentum is weak.
What will happen in the market: a breakout or more range?
The price of Bitcoin is going up and down because buyers and sellers are fighting for control near the top of the triangle. Volume analysis shows that there is less activity, which means that traders are waiting for a clear move. A strong breakout above $118,800 could mean that the market is starting to move up again, while a breakdown below $118,000 could mean that the market is starting to move down again.
As the pattern gets closer to completion, people in the market expect more volatility. Traders who want to get ready for the next big move will need to keep an eye on breakout levels.
