Breakout Looms On BTCUSD As Crypto Whales Take Position

Bitcoin price BTCUSD
Bitcoin – BTCUSD

Bitcoin price on the daily chart has started to narrow into a tighter range on the charts, even as a lot of whale activity has been going on in the market. Over the weekend, hundreds of millions worth of Tether and other crypto assets were moved around exchanges and unknown wallets. This could have some impact on the BTCUSD pair, which has been range-bound for quite some time now. 

Bitcoin prices remained unshaken by the recent Twitter hack and the elaborate Bitcoin scam that followed it. But the biggest news on the day is the move by MasterCard towards a more crypto-friendly payment regime, which is coming two years after the company prohibited the use of its cards to make Bitcoin payments. MasterCard has granted principal membership status to crypto payment business Wirex. Wirex is an FCA-regulated service which allows users to perform crypto-fiat exchange. By allowing Wirex to start offering a crypto-based MasterCard, space has been broadened to allow for a significant increase in fiat-crypto transactions. 

In June, BitPay started to offer a crypto-denominated MasterCard to US customers, allowing them to perform payments in stores and POS outlets which accept Bitcoin and other cryptos across the world.

Technical Outlook for BTCUSD

Bitcoin prices (BTCUSD) are currently trading at 9170.8, with price action thinning into a range formed by a symmetrical triangle on the daily chart. Price is nearly at the convergence point, indicating that a big move may be on the way. 

Traditionally, a symmetrical triangle resolves with a continuation of the trend that preceded it. If this pans out, we could see a bullish breakout, which targets the 9573.60 initially, with 

9962.77 and 10413.4 being potential new targets if the breakout is strong. 

On the flip side, symmetrical triangles have been known to defy the traditional position, 20% of the time. Therefore, a downside break of the triangle targets 8918.14, with 8528.97 and 7832.55 presenting themselves as further downside targets if the price decline is substantial. 

If prices continue to trade in a range-bound fashion beyond the apex, the pattern is invalidated, and a new outlook must be sought based on price behaviour and market news.

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BTCUSD Daily Chart

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