The price of Bitcoin has been moving sideways from Monday as it approached the seller’s territory and has made a corrective structure which could indicate that another increase is coming before the completion of the currently seen bullish uprising.
We might see a downfall from the current levels as the corrective structure develops fully but after it ends another minor increase would be expected.
- Bitcoin has come close to the next significant resistance level with whom the interaction on another rise is expected.
- The bullish momentum is slowing down but another increase would be expected as the wave structure develops fully.
- After the completion of the upward move which is viewed to be close a shart downturn would be expected.
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Bitcoin Analysis BTC/USD
The price of Bitcoin has been moving sideways from yesterday as it came from $7682 at its low close to yesterday’s open to $8319 at its highest today, but started decreasing from there and fell back to $7779.6 at its lowest point today.
Since then the price has recovered slightly and is currently sitting at $7832.3 with the price trying to keep up the upward momentum but is currently retesting its significant support level which may break if the momentum fails to keep up.
As you can see by looking at the hourly chart, the price is currently retesting its significant support level from the ascending channel which was formed from Monday when the price came up to $8000 level.
Since then the price action has shown an ascending movement which indicates that the buyers are still pushing the price but the bear territory is getting close which is why we have seen the exhibited seller’s pressure pushing the price down by 5.84 today.
This ascending channel like the others we’ve seen on the way up is a continuation pattern and is most likely the 4th wave of the lower degree count from the 5th wave of the higher degree count and is a three-wave correction.
Since this is viewed as a corrective movement another increase would be expected after its completion and the most optimal price target for its end would be at the significant horizontal resistance level at $8515.