Bitcoin price prediction: Possible descending wedge breakout

2019-1-24 17:29

Long-term outlook: Bitcoin weekly chart

A look at the Weekly chart for Bitcoin shows that price is currently trading at $3640, finding steady support at the 200-period moving average.

The RSI was below 30 for a short while, indicating oversold conditions.

Furthermore, the MACD has started to turn and is close to making a bullish cross.

However, the price is facing resistance from the 7, 21, 50 period MAs and the Ichimoku Cloud.

Medium-term outlook: Bitcoin 3-day chart

A look at the 3-day chart shows that price is facing very close resistance from the 7-period MA and is trading below all the moving averages and the Ichimoku cloud.

However, there is some bullish divergence developing in the RSI and the MACD is moving upward.

Bitcoin daily chart

A look at the Daily chart gives similar information.

The MACD is close to making a bullish cross and price is below the moving averages. It is worth noting that the projected cloud is positive.

Short-term outlook and price prediction: Bitcoin 6-hour chart

A look at the 6-hour chart gives us a structure in which price might be trading in.

Firstly, it is worth noting that there is significant bullish divergence developing in the RSI.

Secondly, the price is following a descending support line (solid green) and there is the possibility that it is forming a descending wedge.

The resistance line (dashed red) has not been validated yet since it has only been touched twice, but it is worth keeping an eye on if price breaks out from it with significant volume.

Price prediction: I believe that in the short-term price will break out of the resistance and head for the top of the wedge ($4000)

Conclusions: Price has found support at the 200-week moving average. There is some bullish divergence developing in medium-term timeframes. Price is trading in a possible descending wedge.

Bitcoin price prediction: Possible descending wedge breakout was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69313.04 (-0.12%)
Объем 24H $14.416b
Изменеия 24h: -0.21 %, 7d: 2.33 %
Cегодня L: $69282.03 - H: $69415.31
Капитализация $1366.141b Rank 1
Цена в час новости $ 3597.08 (1826.93%)

bitcoin price breakout possible wedge descending prediction

bitcoin price → Результатов: 126


Bitcoin Price Prediction: Expert Spotlights “Very Good” BTC Buying Opportunity Amid Ethereum (ETH) ETF Frenzy – Here’s His Outook

Bitcoin’s price trajectory remains a topic of intense speculation, with analysts closely monitoring market patterns and key events. In a video analysis, top analyst Crypto Rover delved into Bitcoin’s price trends, potential breakout scenarios, and the impact of the upcoming Ethereum spot ETF decision.

2024-5-20 18:30


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


Bitcoin (BTC) price prediction after breaching $72k

Bitcoin price forecast points to a possible $82,000. Ten days remain to the much anticipated Bitcoin halving event. Kangamoon, a new meme coin, has raised over $4M in its ongoing presale taking advantage of the crypto hype created by Bitcoin’s price surge Bitcoin (BTC) has been making significant waves in the cryptocurrency market, with its […] The post Bitcoin (BTC) price prediction after breaching $72k appeared first on CoinJournal.

2024-4-8 15:15