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Potential Breakout In Bitcoin Price, Another Bullish Rally?

Bitcoin Price BTCUSD
Bitcoin Price BTCUSD

The Bitcoin price sharply fell  from $9715.74 in the global market on 24th September 2019. The Bitcoin bulls managed to take control of the market after the formation of a new low at $7356.9 on 23rd October. From that level, the buyers pushed the Bitcoin price significantly higher and secured a new high on 25th October at $10539.25. However, the BTCUSD bulls quickly lose control and market volatility ceased to a great extent. During the low level of volatility, BTCUSD price formed a nice triangle pattern in the 4-hour chart. Though the bulls tried to rally higher after the breakout of  pattern, the price drop in the Bitcoin from the starting of this new week, suggests bearish correction might take place.

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Considering the current price pattern, the bears might target the nearest support level at $9212.10. Any bullish price action confirmation signal on that level might trigger the bullish rally. A strong kick from the $9212.10 level might lead this pair towards the next critical resistance level at $10478.8. This level is backed by many resistive candles and moving above this level might be tough for the Bitcoin bulls. However, a clear break of the price above that level might push the price towards the high at $12320.05 created on 6th August 2019. So, the bulls are advised to stay tuned with the market since it may exhibit extended bullish rally.Download our latest quarterly market outlook for our longer-term trade ideas.

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