Bitcoin price analysis: BTC/USD rising wedge pattern reaction risks breakdown to $9,400

  • Bitcoin hits the pause button within a whisker of $11,000 as declines set in.
  • Bitcoin is trading at $10,772 amidst a building bearish momentum.
  • BTC/USD is likely to plunge under $10,000 and even explore last week’s lows $9,469.

Bitcoin’s spectacular movement to levels slightly below $11,000 has astonishingly hit the pause button. As discussed yesterday, the weekend session was enviable with Bitcoin breaking above the 50 Simple Moving Average (SMA) and the 100 SMA one-hour. Consequently, the break above $10,400 hurdle opened the door for gains above $10,700. This completed the leg from the former resistance at $10,200.

The high formed at $10,958 gave the bears a gap which they are currently exploring. At press time, Bitcoin is trading at $10,772 amidst a building bearish momentum. If the rising wedge pattern support is broken, BTC/USD is likely to plunge under $10,000 and even explore last week’s lows $9,469.

The prevailing trend, however, is more or less sideways with a bottom inclination. The Moving Average Convergence Divergence (MACD) is still within the positive region. The slightly bearish divergence means that the bears have an upper hand. Besides, the Relative Strength Index (RSI) is slowly retreating from the overbought. The RSI’s movement towards the average could encourage the sellers to increase their positions further pushing the price lower.

BTC/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction Bitcoin, Ethereum, Ripple: Market ready to launch, not knowing who will lead it

One of these stories is the intense and profound relationship between Ethereum and Bitcoin. The story approaches a moment of decision, where what happens can mark the future.

More Bitcoin News

Ethereum Price Analysis: ETH/USD reverses Sunday gains as Istanbul-inspired enthusiasm is over

ETH/USD has retreated from the recent high of $152.14 reached on Sunday, following the successful Istanbul upgrade.

More Ethereum News

IOTA price analysis: IOT/USD loses ground, ignores positive fundamentals

IOTA is flashing with red colors. The coin retreated from the 18th position a month ago to 20th place in the global cryptocurrency rating amid strong bearish sentiments.

More IOTA News

Tezos Price Analysis: Whales send XTZ/USD to multi-month high

Tezos  (XTZ) is the best-performing digital asset today. The coin has gained over 6% of its value in recent 24 hours while all Bitcoin and all major altcoins have stayed in tight ranges amid low trading activity. 

More Tezos News


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast