The Awesome Oscillator reads the overall price momentum and displays green bars, which are tied to a buy signal for Bitcoin.īollinger Bands show the volatility of the price and the probability of a price movement. BTC seems to be forming a potential descending wedge (highlighted in yellow), which could signal the end to the BTC correction at approximately 39.5k between the 14-16 September, as originally targeted. This would mean that bitcoin could continue to move north. From a technical standpoint, the buy signals showed that buyers could pull back. Source: BTCUSD on TradingViewīTC’s growth was reflected on other indicators as well. Bitcoin displays a buy signal on the one-day chart. Currently, the indicator indicated that sellers were driving the price momentum in the market. However, there was demand to push the asset above the 20-SMA as BTC was seen below the 20-SMA. The relative strength index showed a rise and touched the halfway line, which meant that the coin experienced an equal number of buyers and sellers on the chart. There was an increase in the price of the coin over the past 24 hours, and this reflects a slight increase in buying power. technical analysis Bitcoin shows increasing buying power on the one-day chart. In the last trading session, there was a slight increase in BTC trading volume, indicating a slight increase in pressure. Bitcoin is in a descending wedge, while the monthly close also spells trouble Bitcoin is stuck in the middle of a descending wedge inside which it is ranging, with the monthly close suggesting more downside is to come. The $16,000 to $14,000 price level is also not far off for the asset once BTC starts falling to the above levels. A drop below the $18,000 price mark could again bring the price of bitcoin to $17,400. Selling dominance prevails at the time of writing. If the bulls manage to break that level, the coin may rally in the next trading session. It appears that Bitcoin has flipped the 7,600 resistance to support and over the short-term as price consolidates Bitcoin could pull back to the bottom trendline of the descending wedge at 7,658. Overhead resistance for the coin was at $21,000. If buyers do not return to the market, a drop to $18,000 would be inevitable. The coin formed a descending wedge pattern, which was a sign of bearish strength. Source: BTCUSD on TradingViewĪt the time of writing, BTC was trading at $1,949. Bitcoin Price Analysis: One Day Chart Bitcoin was priced at $1,949 on the one day chart. The global cryptocurrency market capitalization today stands at $968 billion with a 1.1% positive change over the past 24 hours. Then the value investors begin to buy, believing the price has fallen too much, which also spurs the original large investor to resume buying again as well.The asset also formed a descending wedge pattern, indicating bearish price action. The downward move was initially swift, but has slowed down a bit since March 11. Bitcoin has been falling since reaching a local high of 48,189 on March 28. It’s currently nearing the end of a descending wedge pattern that’s been in place since March 18. When the initial selling occurs, other market participants react to the falling price and jump on the bandwagon to participate. Bitcoin (BTC) has been showing bullish signs since March 11. This pattern may form when large investors spread out their selling over a period of time. The Broadening Wedge Descending pattern forms when the price of a security makes lower lows (1, 3, 5) and lower highs (2, 4), forming a downtrend. The falling wedge pattern occurs when the assets price is moving in an overall bullish trend before the price action corrects lower. To limit potential loss when the price suddenly goes in the wrong direction, consider placing a stop order to sell at or below the breakout price. The upward Breakout level is the highest high. Pattern height is the difference between the highest high and the lowest low. To identify an exit, compute the target price for by adding the height of the pattern to the upward Breakout level. Consider buying a security or a call option at the upward breakout price level. Once the price breaks out from the top pattern boundary, day traders and swing traders should trade with an UP trend.

Bitcoin descending wedge