Contact

Bitcoin trading in a possible continuation pattern?

June 21, 2022
by Joseph Jeffriess, Market Analyst

Happy Tuesday, thanks for stopping by and checking out our latest analysis and analysis video. Today our focus is on Bitcoin’s 4H chart.

Looking at the 4H, we can see that Bitcoin has made the first leg higher, breaking the last lower fast trend and moving above the moving averages. Since that break higher, we have seen the market move into consolidation. The pattern we can see on the 4H is an ascending triangle pattern.

These patterns are generally seen as continuation patterns when they are sitting in up legs or up trends. From here, it is all up to buyers. Can they confirm the pattern with a new break higher?

If we do see a confirmed breakout, we will be looking to see if buyers can test 22,700 resistance. If buyer momentum really carries forward past 22,700, we would then be looking at 28,500 – 31,000 to come in as resistance possibly.

But before we get too far ahead of ourselves, let’s see if bitcoin buyers can first confirm the pattern and get back up to 22,700! If sellers set a new close below 20,100, we will start doubting buyer strength.

Bitcoin 4H chart

Bitcoin 4H analysis (powered by TradingView) 

All times are AEST.