Bitcoin Price Consolidates Sub-$3.5K With Bulls and Bears in Stalemate

As discussed yesterday, the leading cryptocurrency could soon see a corrective rally if prices manage to clear the crucial resistance at $3,633 by Friday's UTC close.

The odds of a move above $3,633 would rise if BTC's five-day-long narrowing price range ends with a bullish breakout.

As of writing, the upper edge of the price range is located at $3,456 and the lower edge is seen at $3,360.

BTC has created a symmetrical triangle on the hourly chart.

A bull breakout would validate the argument put forward by the 3-day inverted hammer candle that bargain hunters are beginning to challenge the bears' resolve to push prices lower.

BTC risks falling to the 200-week moving average of $3,179 if prices pierce the triangle support of $3,360.

Many market technicians believe that a break of an RSI trendline often precedes the break of a trendline in price.

View Bitcoin could see a stronger recovery rally if prices close above $3,633 on Friday.

A symmetrical triangle breakout on the hourly chart would boost the probability of BTC finding acceptance above $3,633.

Bitcoin image via Shutterstock; charts by Trading View.