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After breaking out from a descending wedge on Oct 26, the price of Bitcoin has decreased to touch a previous resistance line. It is trading inside a short-term horizontal channel and an ascending triangle. The bullish divergence in the RSI inside a bullish pattern makes it likely that it will break out from the triangle and head towards the resistance line at $9800.

The Bitcoin price created a small bearish weekly candle completely contained within the body of the prior weeks bullish candle.

This is more a characteristic of a retracement than a reversal.

Also, while it has met resistance at the 20-week moving average (MA), it has found support above 10-week MA.

Other important indicators considered, the MACD seems to be turning upward and has lost most of its negative momentum. A bullish cross, however, has yet to occur.

Looking at the daily time-frame, the price has been moving upward slowly after touching the previous resistance line on Oct 31.

The price created a bullish Doji and began to move upward, until the bearish candle yesterday.

Similar to the weekly time-frame, the price is trading between the 100- and 200-day MAs. Both these MAs are tightening, so a decisive move above or below one of them should eventually occur.

In the short-term, the price has been trading inside a horizontal channel since Oct 25.

The resistance and support lines are at $9,800 and $9,000 respectively.

Inside it, it seems as if the price has created a bullish ascending triangle.

Additionally, there is bullish divergence developing in the RSI.

This makes a breakout towards the resistance line more likely.

Good luck and happy trading! For yesterday’s analysis click here.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of TradingView.

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The post Bitcoin Analysis for 2019-11-04 [Premium] appeared first on BeInCrypto.

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