Bitcoin Bounces Back to $78K, But Can It Break Past Key Resistance?
The Bitcoin price has bounced back to $78K after dipping below $77K. The market is still processing Fed Chair Warsh's hawkish Jackson Hole speech, and experts are wondering if this is a sign of more consolidation or a breakout ahead.
According to TradingView charts, the $BTC price moved up from $63K to $79,500 in just five days, which is a huge move. As a result, the market needs time to digest this rally, and experts estimate that the sideways consolidation would go about the same distance as the height of the rally.
Looking at the triangle pattern on the 4-hour chart, the $BTC price has avoided a head and shoulders pattern with its latest move up. If it breaks out of the pattern to the upside, it could reach $82K, but if it goes down, support levels at $76K or $73K await.
The daily chart shows a bullish continuation pattern in the form of a developing flag at the top of the current rally. However, there are concerns about bearish divergence between the price action and indicators such as the MACD and RSI.