Bitcoin Price Analysis: How This Falling Wedge Pattern Is BTC/USD Only Power Boost To $10k

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Bitcoin Price Analysis: How This Falling Wedge Pattern Is BTC/USD Only Power Boost To $10k

  • Bitcoin price hits a thick resistance all at $9,500 but bulls are intentional on containing the price above $9,400.
  • The falling wedge pattern remains the key to $10,000 as long as the breakout is accorded proper volume support.

Bitcoin price is struggling with the amount of selling pressure at $9,500. All attempts to break above this level have been thwarted by acute selling pressure. For instance, On Tuesday, Bitcoin bulls pushed the price far above $9,500 but they hit a thick wall at $9,600. A reversal ensued, sending Bitcoin back to $9,250 support. At the time of writing, BTC/USD has recovered slightly above $9,400 but the selling pressure in the market is has gone nowhere.

Marginally above the market value ($9,400), Bitcoin is facing a hurdle at the 50 Simple Moving Average (SMA) on the 4-hour chart. Before the price wriggles further north, the bullish momentum is challenged by another seller congestion brought about a prominent descending trendline. The trendline forms part of a falling wedge pattern (discussed below).

BTC/USD 4-hour chart

BTC/USD price chart by Tradingview

From a technical perspective, Bitcoin is generally dealing with a bearish biased trend. The Relative Strength Index (RSI) is changing direction downwards, suggesting that declines are likely to continue towards $9,250 (recent support). On the other hand, the MACD shows that buying pressure is not absent per se. For this reason, Bitcoin has a fighting chance to contain losses above $9,400.

Glancing up, the formation of a falling wedge pattern presents a glimmer of hope to the investors that recovery will come eventually. If a break above the wedge comes into the picture and Bitcoin is treated to proper volume, we could see a smooth ride above $9,600 as well as the levels heading to $10,000. In the meantime, sustaining the price above $9,400 is the bulls’ priority.

Bitcoin Intraday Levels

Spot rate: $9,400

Relative change: -57

Percentage change: -0.61

Trend: Bearish

Volatility: High

Summary
Bitcoin Price Analysis: Hoe This Falling Wedge Pattern Is BTC/USD Only Power Boost To $10k
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Bitcoin Price Analysis: Hoe This Falling Wedge Pattern Is BTC/USD Only Power Boost To $10k
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Bitcoin price hits a thick resistance all at $9,500 but bulls are intentional on containing the price above $9,400. The falling wedge pattern remains the key to $10,000 as long as the breakout is accorded proper volume support.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 579 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @