Bitcoin Price Analysis: Falling Wedge Spotted At $10,000

Bitcoin Price Analysis: Falling Wedge Spotted At $10,000

Bitcoin price levels quickly bounced off the triangle support at $9,400 back up to just below $11,000 at the beginning of September. Since then BTC has formed a falling wedge and looks poised for another move up.

Bitcoin Price 1-Hour Analysis

On the 1 hour chart for XBT/USD, we can see the falling wedge that has formed off the back of the most recent explosive move to the upside. During which, price levels rose from $9,400 to just below $11,000 as displayed in my previous analysis on bitcoin. RSI can be seen visibly creating low lowers throughout the last 10 days.

Despite price levels forming a falling wedge volume levels are much higher than they were at the end of August. This paired with the fact price levels havent dumped yet, just steadily decreased indicates no real bearish momentum has built up yet. Volume levels are reasonably high but consist of very random spikes that are mostly selling pressure. More consistent buying pressure needs to come to fruition in order for bitcoin to see a bullish breakout of the falling wedge and re-test the breakout point at $10,500.

200 EMA can be seen visibly crossing down over the 50 MA within the falling wedge which is a good indication of further downside to come.

BTC Price 1-Day Analysis

On the 1 day chart for XBT/USD, we can see the prevailing asymmetrical triangle that has formed as a result of the insane growth bitcoin saw throughout June. Three higher lows and three lowers highs can be visibly seen forming the triangle. With the range low at $9,150 and the range high at $13,900. The 200 EMA on the daily chart has yet to catch up with the market price but appears to be heading in that direction. If price levels dump below the range low the 200 EMA will be a strong support level to look out for.

The breakout zone lies just above the overhead resistance line of the triangle around $10,500 with confirmation of a breakout around $10,700. If price levels breach these levels with increasing volume its highly likely BTC will at least attempt a re-test of the range high at $13,900, with a strong chance of creating a new yearly high.

Key support levels to look out for if bitcoin price decides to break-down are $8,800, $8,200, $7,500 and $7,150. There is a lot of resting buy orders in the market sitting at either of these support levels making them key areas for bounces and take profit targets on shorts.

Do you think BTC price will crash below the asymmetrical triangle support? Please leave your thoughts in the comments below!

This article is strictly for educational purposes and should not be construed as financial advice.

Images via Shutterstock, BTC/USD charts by TradingView

The post Bitcoin Price Analysis: Falling Wedge Spotted At $10,000 appeared first on

11.09.2019 / 05:40 41
Binance Coin Price Analysis: BNB Could Attempt Reversal To $26 Binance Coin Price Analysis: BNB Could
Binance coin has created three lower lows between now and June as price action loses close to 50% of its value. Further downside is expected,
Bitcoin Price Analysis: Rising Wedge Could Drive BTC to $8.8K Bitcoin Price Analysis: Rising Wedge
Bitcoin can be seen bouncing off the 0.382 Fibonacci level around $9,600 as price action visibly creates an ascending wedge. Many bearish indicators
Binance Coin Price Analysis: Bullish Reversal On The Cards Binance Coin Price Analysis: Bullish
Binance Coin has dropped to the bottom of a clear falling wedge pattern after crashing 20% against BTC pairing over the last 2 weeks. A short-term
Bitcoin Price Analysis: Bullish Falling Wedge Remerges Bitcoin Price Analysis: Bullish Falling
Over the last 6 Days Bitcoin has seen a 25% pull-back to visible range support around $9,800 from the recent high of $13,200. During this pull-back,
Bitcoin Price Analysis: Price Levels Form Rising Wedge Bitcoin Price Analysis: Price Levels
Bitcoin price has very clearly created a rising wedge as short-term price action tests the 0.5 fib level between $13,000 and $14,000 twice over the
Bitcoin Price Analysis: $7,700 Support Under Treat in Falling Wedge Bitcoin Price Analysis: $7,700 Support
Bitcoin bears have upped their assault in the last hour, driving BTC price down $200 on to the $7,700 support below. Can bulls defend against the
Comments (0)
Add a comment
Comment on