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BTC/USDT: Price Analysis

BTC/USDT

Bitcoin continues to trade inside a symmetrical triangle pattern as the bulls and the bears battle it out to establish their supremacy. Although the symmetrical triangle generally acts as a continuation pattern, it is difficult to predict with certainty until the price breaks out of the triangle.

The downsloping moving averages and the relative strength index in the negative territory suggest that bears have the upper hand. If the BTC/USDT pair breaks below the triangle, the bearish momentum could pick up. There is a minor support at $28,000 but if that also cracks, the pair could retest the $20,000 level.

This negative view will invalidate if the bulls push and sustain the price above the resistance line of the triangle. If that happens, it will suggest that bulls have overpowered the bears. The pair could then attempt a rally to the 50-day simple moving average ($49,201).

This level may again act as a stiff resistance but if the bulls propel the price above it, the pair will signal that the downtrend could be over.

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