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Bitcoin Price Analysis: BTC/USD slows down at technical level

  • Bitcoin is trading 0.75% higher on another positive day for cryptos.
  • The price is now stuck at the top of the pattern and bulls have been frustrated so far.
Bitcoin Price Analysis: BTC/USD slows down at technical level
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD Daily Chart

The daily BTC/USD below show us that BTC has stopped on Wednesday at the top of the rising wedge formation.

The overlying Fibonacci retracement indicator shows that the important 61.8% retracement is closer to 11K.

The volume is also an interesting factor. We would want to see the volume rising as the price moves higher so the market needs more confirmation.

Either way, the pair is in a period of higher highs and higher lows so the uptrend is still intact.

The zone that the price is in at the moment has been sticky in the past. This is shown on the left-hand side of the chart as there have been consolidation zones around these levels.

Bitcoin Chart

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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