The Bitcoin price has gained some bullish momentum ever since the last catastrophic decrease that hit the market, according to the graph we could see some further bullish action coming it's way, however, from the graph we have got some bearish patterns that may be indicating otherwise. A lot of people have been speculating that prices may fall to $8,500 as a major support, I would not believe that to be true. The rising wedge on this graph should be closely watched in coordinance with the resistance (indicate by the orange line), this will signal whether we are about to break up or break down.
Rising wedges are typically bearish, however, there is a chance we may break above the tension and pop through the resistance which may end up in prices heading back to the $15,000 area.
Rising wedges are typically bearish, however, there is a chance we may break above the tension and pop through the resistance which may end up in prices heading back to the $15,000 area.
- MACD - Not added to this analysis as on the timescale it was not showing any relevant indications that you want to take into consideration.
- RSI - Not added to this analysis as on the timescale it was not showing any relevant indications that you want to take into consideration, however, it was nor oversold or overbought but was still circulating in the higher section which usually is a bit bearish.
- Orange - Resistance.
- Pink - Support.