Bitcoin Price Analysis: Reignites Uptrend; Classic Rising Wedge Pattern Spotted –

According to John Isige, FXstreet’s analyst, Bitcoin’s 15-minutes chart is pointing upwards and heading further into the overbought levels. Similarly, the 50 SMA is above the 100-day simple moving average, confirming that the bulls have the control at the moment.

BTC/USD is facing immediate resistance at $6,440, while the upper supply zone at $6,459.60 is the key resistance. Further up, $6,500 is the ultimate intraday resistance in the medium term. But a break above this level will curve a path towards the critical $6,600. Significantly, there is a rising wedge pattern forming on the chart.

On the flip side, there is a short-term support forming above $6,400 but $6,360 and the 61.8% (pivotal former resistance level) will work as strong support areas in the event declines progress below $6,400.

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One Response

  1. Iruwen
    August 14, 2018

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