Bitcoin btc
$ usd
Technical Analysis

Bitcoin Finally Breaks Out Above $10,000

2 mins
Updated by Kyle Baird

In Brief

  • Bitcoin has broken out from a long-term symmetrical triangle and is following an ascending support line.
  • There is considerable resistance at $10,400.
  • There is a bearish divergence developing in the daily time-frame.
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On June 1, the Bitcoin price broke out from a long-term symmetrical triangle that had been in place since April 30.
This caused the price to increase all the way to a long-term resistance area found at $10,400.

Bitcoin Breakout

On June 1, the Bitcoin price broke out from a long-term symmetrical triangle and created a bullish engulfing candlestick with considerable volume. The price reached a high of $10,400 before decreasing slightly towards $10,100, where it is trading at the time of writing.
Bitcoin Symmetrical Triangle
Bitcoin Chart By Tradingview

Long-Term Resistance

In the longer-term, we can see that the main resistance area is found at $10,400, and the price has possibly created a triple-top inside of it. The price has not traded above this level since September 2019.  The price is also following a very steep ascending support line, which is currently providing support near $9,500. Besides the fact that BTC is trading inside a resistance area, there is a considerable bearish divergence developing in the RSI. Along with the possible triple-top, which is considered a bearish reversal pattern, this is a sign that BTC is likely to move downwards.
Bitcoin Long-Term Resistance
Bitcoin Chart By Tradingview
If a breakdown were to occur, the price would likely bounce at the 0.382 Fibonacci level of the entire upward move at $7,800 before increasing to validate the ascending support line and eventually settling between $6,000-$7,000. While the exact future movement for BTC cannot be so easily determined, it is very likely that whenever the ascending support line breaks, a long corrective period is likely to ensue. Bitcoin Possible Breakdown

Short-Term Movement

In the short-term, the price is gradually decreasing after yesterday’s rapid increase. There is no bearish divergence in the RSI yet. Therefore, it is very likely that the price will make another attempt at $10,400. The presence of divergence if/when the price gets should determine if BTC will move downwards. Bitcoin Short-Term Movmeent For our previous analysis, click here.


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.