Bitcoin price analysis: Another falling wedge in the making?

Another falling wedge in the process of forming.
Bullish if broken out on the upside.

Manoj B Rawal Independent Analyst

Bitcoin the crypto King, seems to love this particular technical chart pattern as there has been ample number of instance wherein it formed a falling wedge in the past just like this time on the medium term chart, although breaking out is something that the bulls lack.

BTC/USD is trading flat on day at $6,383 and in less than half a percent range for the day - low volatility and low volume - not something that Bitcoin is known for. On the 360-minute chart, there is a visibility of yet another falling wedge in the process of forming, which if broken out, could be yet another bullish sign for the crypto king.

As noted by this author last week, BTC has already formed a falling wedge on the daily chart and its only about time for the bulls to take it past the upper end of the wedge to give convincing signs of a breakout. (Read full story here)

BTC/USD 360-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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