BTCUSD has been trading in a downtrend for quite a while and had many investors worried. It is still in an overall downtrend but looking at lower timeframe, it seems to have stalled for now and looks like it could make a short upside move if it succeeds in breaking the resistance level.On a daily timeframe, price is consolidating near the resistance level 17240. Volume is also gradually decreasing.
On 3H timeframe, price is making a triangle pattern and almost ready to breakout from it. You can also notice reverse head and shoulder structure and upside price moves with volume spikes. It indicates a presence of demand and we could see a nice short term move up to 18150.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.