2019-6-28 18:00 |
The recent Bitcoin price pull-back from the highs of $13,900 created a falling wedge pattern that appears to have already broken to the upside. The question remains as to whether the parabola will stay intact as we move close to the month of July.
On the BTC price hourly chart, we can clearly see that an inherently bullish falling wedge pattern has formed since the most recent pull-back stemming from the highs on the 26th of June around $13900, down to the currently visible range bottom at $10,300. Price action has clearly broken out to the upside accompanied by the 20MA, 100MA, and 200EMA also cutting through the falling wedge and confirming the breakout.
It’s likely short term price action will re-test POC around $10,700 before continuing upwards and breaking the yearly high. Equally, sideways chop ranging between $10,000 and $14,000 could quite likely happen. This would result in some much-needed consolidation after the most recent run-up. If we do see sideways chop it’s likely this will be accompanied by a surge of volume across the altcoin market.
Despite the breakout to the upside volume clearly is descending, this overall is a bullish sign, and shows us that there’s a lack of sellers around current price levels. Typically when the volume is descending but price levels are increasing that’s a sure sign there’s further upside to come.
Bitcoin Daily ChartThe first thing that grabs your attention when looking at the BTC price 1D chart is the clear parabolic curve, similar to what we can see on ETH mentioned in my previous analysis. The current candle for the 28th of June is the first red candle we’ve seen on the daily chart since June 14th. Clear rising ascending volume both present on the volume indicator itself, and the TTM Squeeze indicator at the bottom of the chart. Three ascending highs is an inherently bullish sign, typically seen during and before large price spikes.
Price levels should hold above $10,000 keeping the parabolic curve intact. Support levels to look out for within the parabolic curve are $10,300, and $10,900. Despite the bullish signs it’s important to plan for both circumstances. If price levels do break down through $10,000, key support levels to consider re-entering at or taking profit on short scalps are $8,400, $7,900, $7,000, $5,400 and $4,180.
According to Diar.co:
“Over 26% of circulating supply ($36Bn worth of Bitcoin) now sit in addresses that have a balance of 1000–10k BTC. In August 2018, when Bitcoin price was also at $8000, these ‘Firm Size’ addresses held under 20% of the circulating supply, showing a sharp accumulation of nearly 7% in less than a year.” This is a strong sign that institutions have entered into BTC and the trend is expected to rise over the coming months and years.
Do you think BTC will surpass all-time high at $20,000 before 2020? Please leave your thoughts in the comments below!
Images courtesy of Tradingview, Shutterstock
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