Bitcoin price analysis: The fall is overdone; after the false breakout, will the breakdown be false too?
|- Rising wedge breakdown target over-achieves itself.
- There was a false breakout and then breakdown.
Bitcoin, the uncrowned king of cryptocurrencies had a rising wedge breakdown of the prices on the medium term charts, that over-achieved its price target after the breakout point, at the same time resulted in breaking down of the very trendline it broke out of on the longer term.
BTC/USD is up 0.3 percent on the day at $6,416 and trading in a less than half a percent range - a sham compared to the wild movement it gave in the gone by week wherein it broke down of a rising wedge pattern and overshot it by enough margin.
End result - BTC even managed to broke down of the very trendline on the daily chart which it broke out of on the upper side last week, which now seems to be a false breakout although confirmations of both are pending yet.
BTC/USD 120-minute chart:
BTC/USD daily chart:
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