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Bitcoin price analysis: BTC/USD continues to move in a triangle formation

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Bitcoin price is a never ending debate. Dozens of articles being published every single day on BTC price movement and excitement continues to flourish. Just a few days ago, Bitcoin’s price jumped by nearly $200 USD and suddenly everyone got excited, expecting that this spike will mark the beginning of a new bullish run. But not so fast. At he time of  writing, BTC/USD is trading just above $3,700 mark on Bitfinex and slighlty less on other cryptocurrency exchanges. Despite expectations, we can’t confirm with certainty that the recent spike in price has any significance. Quite opposite, according to some of the most followed and prominent crypto traders on Tradingview platform, Bitcoin continues to move in a triangle formation.

According to the one of the most followed cruptocurrency traders on Tradingview, Excavo, BTC/USD is moving in a triangle and recently touched the support line of $3,600 USD mark. Cryptocurrency trader Excavo, who has more than 71,000 followers on Tradingview, predicts that the Bitcoin price should bounce back to the $4,000 USD mark from the current price point and rebound back to $3,700 level soon after until the full triangle is completed at arround $3,900 USD price point. However, there is a possibility that BTC will brake the $4,000 resistance point and continue to move up to $4,600- $4,800 mark. On the other hand, if Bitcoin will fail to rebound from the forcasted  $3,700 USD mark, it might continue to drop as low as $2,900-$2,500 level.

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Artem Shevelev, a prominent member of Tradingview cryptocurrency community with more than 15,000 followers, doubles Excavo predictions and says that the Bitcoin price is still in developing range of $3,200 – $4,300 USD.

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Looking at the technical analysis, all indicators points to a very bearish BTC/USD price movement. According to the Tradingview daily chart TA, selling is the best option for a day-to-day crypto traders.

Ethereum

Despite the upcoming Ethereum Constantinople hard fork and anticipated bull run, the third largest cryptocurrency by market cap, failled to break the resistance level at $130 USD and currently trades just above $120 USD mark. At this point, it is still unclear how Ethereum (ETH) will perform once the Constantinople hard fork will be completed. However, looking at the current data, there are no signs to support upswing.

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Ripple

Although Ripple has managed to move up and secure the second place (by market capitalization) on the XRP/USD crypto charts, the performance of this cryptourrency was nothing more than a huge disapointment. Just as Ethereum, Ripple failed to break resistance points and continues to drop. At the time of reporting, XRP/USD pair trades at $0.327 with strong indicators to decline further.

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About Mantas Malukas

Mantas is the founder of Dapp Life, crypto investor and an online entrepreneur who has professionally immersed in digital publishing and development for over a decade.

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