The BTC/USD on Monday started with a bullish promise after snoozing through the whole weekend. The pair confirmed 6346-fiat as a strong support and rose 3.5 percent during the early Asian trading session. As the day progressed, bulls began to lose their grip and price started slipping, only to find itself approaching 6346-fiat again. At the time of this writing, BTC/USD has stabilized amidst 6385-6483 area.
What’s noteworthy, however, is Bitcoin’s contrasting price action with respect to the altcoin market. Almost all the top coins have undergone extensive bearish corrections in the past 24 hours whilst Bitcoin continues to show a relatively stable approach, confirming dominance. Historically, an overlong sideways trend in the Bitcoin market has resulted in a major breakout action.
To study a potential breakout, we noticed an ascending triangle formation which, if stood the time, could tell the course of next week. The price is currently holding its leg near 6346-fiat while forming higher lows towards 6500-fiat. Any volatile upside action from here could bring the price closer to testing 6700-fiat in medium-term. The triangle range, in the meantime, offers pretty good opportunities to enter and exit positions on decent profits.
The BTC/USD meanwhile is closely above it’s rising 100H and sideways 200H moving averages, indicating a buying sentiment. The RSI and Stochastic Oscillator indicators are also indicating an upside correction, meaning the price could retest 6500-fiat anytime today. Overall, the bias is slightly bullish.