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Bitcoin Price Analysis: BTC Price Just Broke Out Of The Descending Wedge, What Is Going to Happen Next?

The price just broke out of the descending wedge after previously being rejected four times by the resistance line. The breakout was preceded by bullish divergence in the RSI and price is moving upward to the next area of resistance at $3610-$3670.

Important Points:

  • The current daily candle is a bullish engulfing candle.
  • Daily indicators are undecided
  • Price is in the process of attempting to break past the 7-day moving average for the fourth time.
  • The closest support area is found at $3240-$3320.
  • The closest resistance area is found at $3610-$3670.
  • Price just broke out of the descending wedge.

Bitcoin Price Analysis: BTC/USD 24 hr Chart

bitcoin price prediction
24 hr Chart Source by Tradingview, Bitfinex

A look at the Daily chart shows that the price of BTC has retraced all the way to the 0.88 fib line of the entire upward move ($3273 to 4175) and is currently trading at $3500. A break below this area would put in action the double bottom scenario in which price retraces all the way to the most…

Read Full Story : Coingape

2019-02-08 14:49:08

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