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Bitcoin priced chart analysis: directional breakout looms

Bitcoin suffered a volatile begin to the brand new trading month. Bearish news surrounding the crypto exchange BitMEX as well as President Trump contracting Covid-19 weighed very much on the cryptocurrency market.

Bitcoin price chart evaluation shows that a breakout from $10,000 to $10,900 is required to activate a significant directional.

Bitcoin medium-term price trend Bitcoin suffered yet another technical setback previous week, as the latest bad information caused a sharp reversal coming from the $10,900 level.

Prior to the pullback, implied volatility towards Bitcoin happens to be for its lowest levels in more than eighteen months.

Bitcoin price complex analysis demonstrates that the cryptocurrency is actually working inside a triangle pattern.

Bitcoin price chart analysis

The daily time frame indicates that the triangle can be found between the $10,900 and $10,280 technical level.

A breakout in the triangle pattern is actually likely to prompt the other major directional move around the BTC/USD pair.

Traders should note that the $11,100, $11,400 and $11,700 levels are the main upside resistance zones, even though the $10,000, $9,800, and $9,600 elements provide the primary technical support.

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Bitcoin short-term price trend Bitcoin cost complex analysis shows that short-term bulls remain in control when the price trades above $10,550.

The four hour time frame highlights that a bearish head-and-shoulders pattern remains appropriate even though the price trades beneath the $11,200 degree.

Bitcoin price chart analysis

Based on the size of your head-and-shoulders pattern, the BTC/USD pair could belong towards the $9,000 subject.

Beware of the disadvantage to accelerate whether the price moves below neckline support, near the $9,900 level.

It is noteworthy that a break above $11,200 will likely launch a significant counter rally.

Bitcoin specialized summary Bitcoin technical analysis highlights that a breakout from a big triangle pattern should induce the next major directional action.

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