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The Bitcoin price is trading inside of a descending wedge. It is currently inside a support area and on the support line of the wedge. Due to the bullish divergence and convergence of support, we believe it is likely to break out and reach at least one of the resistance areas outlined.

The Bitcoin price is trading inside a descending wedge.

Currently, it is inside the $8600 support area, which coincides with both the support line of the wedge and the 0.5 Fib level. This confluence of support makes it likely that the price will hold above this area and eventually move upward.

The Bitcoin price has touched the support line three times over the past week, creating a long lower wick each time. This is a sign of buying pressure.

Looking closer at the Bitcoin price movement, we can see a growing bullish divergence since the first touch of the support line.

This divergence is present in both the MACD and RSI. Since it is transpiring in a bullish pattern, and due to the price level being in the aforementioned confluence of support, we believe the Bitcoin price is likely to break out.

If the Bitcoin price breaks out, the most likely reversal areas are found at $9200 and $9450.

We believe the it is likely to reach at least one of them and possibly both.

Before it does so, it could again fall to the support area. That would present the optimal entry price for the ensuing breakout.

For our previous 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 Twitter, TradingView.

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The post Bitcoin Analysis for 2019-11-13 [Premium] appeared first on BeInCrypto.

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