Hi all,
Yesterday, the leading cryptocurrency once again hit the $9,300 resistance line and closed near that mark. It was 2.5 percent up on a weekly basis.
Bitcoin still trading above the diagonal support (blue-dotted line) but failed to break above $9,300 and continue the uptrend towards the next major S/R zone $9,500-$9,600. Volumes are going down since Thursday when the price of BTC last peaked near $9,500. The 24-hour volumes are now around $16-$17 billion.
Now let's see how the rising wedge on the 4-chart evolves and if it will result in another drop towards $9,150. Currently, the $9,300 line is heavily fortified with both the horizontal resistance and 200-day EMA situated there.
Going up to weekly, we are in a consolidation phase following the rapid growth since the March lows. The following zones can be considered as next zones of support in case of a further pullback.
Cheers,
Yesterday, the leading cryptocurrency once again hit the $9,300 resistance line and closed near that mark. It was 2.5 percent up on a weekly basis.
Bitcoin still trading above the diagonal support (blue-dotted line) but failed to break above $9,300 and continue the uptrend towards the next major S/R zone $9,500-$9,600. Volumes are going down since Thursday when the price of BTC last peaked near $9,500. The 24-hour volumes are now around $16-$17 billion.
Now let's see how the rising wedge on the 4-chart evolves and if it will result in another drop towards $9,150. Currently, the $9,300 line is heavily fortified with both the horizontal resistance and 200-day EMA situated there.
Going up to weekly, we are in a consolidation phase following the rapid growth since the March lows. The following zones can be considered as next zones of support in case of a further pullback.
Cheers,
Comment:
Just as predicted BTC rising wedge resulted in a drop to the sub-$9,200 zone. Now let's see if the 100-day EMA will act as dynamic support or we will re-test $9,150.
Comment:
The rice continues to trade above the 100-day EMA on 4h chart. We can also see something similar to a bear flag where the price movement is caught in a parallel channel. Let's see if another move down will result of a break to and below $9,150.
Up the target will be $9,300 - $9,350 as the upper-end of the parallel channel
Up the target will be $9,300 - $9,350 as the upper-end of the parallel channel
