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Bitcoin Price Analysis: BTC/USD at risk to breakout from a rising wedge structure

  • Bitcoin price is trading in negative territory, down 0.40% in the second half of the session. 
  • BTC/USD have enjoyed two straight sessions of gains, however, there are signs of a slowdown. 
  • There is a big barrier of resistance observed at $10,500.
Bitcoin Price Analysis: BTC/USD at risk to breakout from a rising wedge structure
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

Price action is moving within a rising wedge structure via the daily, subject to potential breakout to the downside. 

                     

BTC/USD 60-minute chart

The price has been sucked back within a narrowing range via the 60-minute chart, the high at $10,300 down to $10,100. 

Spot rate:                10,270.20

Relative change:     -0.40%

High:                        10,511.86

Low:                         10,08.12

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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