Hello, dear subscribers!
Today is a very important day for the definition of the future Bitcoin price movement.
As we can see on the chart, there was an ascending triangle on the global uptrend which was broken up 4 days ago. The price became falling on 13th November and formed the expanding wedge.
Now the price is testing the support line and its potential breakdown could mean the downtrend continuation. On the other hand, the bounce off this line means the potential future price growth in case of crossing the wedge resistance line.
This pattern analysis is strictly confirmed by the indicators. The ADL line is in the uptrend, while the price is in the downtrend. It means that the trend reverse could be. The stochastic RSI is also confirm the increasing bullish activity: it is in the oversold zone and ready for the reverse.
We are waiting for the key moment to define whether the BTC price will go up or down.
Today is a very important day for the definition of the future Bitcoin price movement.
As we can see on the chart, there was an ascending triangle on the global uptrend which was broken up 4 days ago. The price became falling on 13th November and formed the expanding wedge.
Now the price is testing the support line and its potential breakdown could mean the downtrend continuation. On the other hand, the bounce off this line means the potential future price growth in case of crossing the wedge resistance line.
This pattern analysis is strictly confirmed by the indicators. The ADL line is in the uptrend, while the price is in the downtrend. It means that the trend reverse could be. The stochastic RSI is also confirm the increasing bullish activity: it is in the oversold zone and ready for the reverse.
We are waiting for the key moment to define whether the BTC price will go up or down.
Comment:
The BTC price chose the positive scenario again. It broke the previous highest high of $16450 and is going to reach the wedge resistance line. Despite, the stochastic RSI Indicator demonstrates that BTC is overbought, the common trend is bullish. We can wait the small price pullback in a few hours, after which the growth will continue. Next significant level is the wedge resistance level.
Comment:
The price tested the resistance line of the rising narrowing wedge and bounced off it, which means that yellow arrow scenario activated. Now price again has 2 options: to bounce off previous highest high level (yellow horizontal line) or to go to wedge support line.
RSI demonstrates that Bitcoin is in oversold zone, ADL shows that bullish trend is going to continue.
RSI demonstrates that Bitcoin is in oversold zone, ADL shows that bullish trend is going to continue.
Comment:
The huge growth scenario was activated. Now it became very dangerous to buy and hold BTC. The RSI index demonstrates that BTC is in overbought zone. The ADL line became to go down on the hour, day and week charts. It means the possible end of this huge growth.
Our forecast for the price movement came true. Further trading is risky, we need to remember 2017 year scenario.
Our forecast for the price movement came true. Further trading is risky, we need to remember 2017 year scenario.
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Now we are waiting for the pullback because the Stochastic RSI Indicator demonstrates that the BTC is overbought. The further price movement will be defined whether the price will break down the wedge support or bounce off it.