Bitcoin has been on a roller coaster in 2019. But now Bitcoin is consolidating around $10,000, forming a descending triangle pattern since June this year. But we are coming to the end of this formation.
Some background first:
Total Market Cap: $268 billion
Bitcoin Market Cap: $183 billion
BTC Dominance Index: 68.2%
BTC Price: $10,200
* coinpaprika.com
Both on the weekly and daily charts, Bitcoin has been forming a descending triangle pattern. But we are coming to the end of this formation. Will the Bitcoin break $10,000 support area? Or Are we going to see a price spike?
There are two major support lines here. First of all, Bitcoin has been testing the 89 Exponential Moving Average (daily) for the last 9 days. Secondly, we have an increasing support line (blue line). It has been tested 6 times (at least) since May this year.
On top, we have two decreasing resistance lines. (the triangle’s descending trend lines)
Let's look at the technical indicators to predict the next move of Bitcoin. Analyzing the weekly charts of MACD, RSI and Stochastics, we can get insights about the price of bitcoin over the coming weeks.
On the weekly chart MACD start to produce a sell signal, RSI and stochastics have been decreasing. So this means that Bitcoin has some room to decrease over the weeks.
What about daily indicators:
On the daily chart, MACD has been producing a sell signal, RSI has been decreasing. But Stochastics has been increasing. So MACD and RSI have not produced a buy signal yet.
Looking at the 4-hour chart, we can see Bitcoin has been forming another descending triangle pattern in this month. Moreover, Bitcoin has been trying to go below 600 daily moving averages and an increasing support line (blue line below). On the top, Bitcoin has been going above 55 EMA and 89 EMA and a decreasing resistance line (black line).
As you see Bitcoin has been repeatedly testing its increasing support lines and decreasing resistance lines since last week.
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On the 4-hour chart, MACD has been moving sideways, RSI has been consolidating. So MACD and RSI have not produced a buy signal yet. But Stochastics is producing a buy signal.
So, it will be interesting to see what Bitcoin's next move will be?
Thanks for reading. I hope you’ve found it helpful.
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