Bitcoin price analysis: Bullish falling wedge breakout confirmed
- Falling wedge breakout confirmed.
- BTC/USD holding above $11,000.
- Intraday RSI in overbought zone.
Bitcoin price trading above $11,000 mark in the weekend trading and has given a breakout from the bullish falling wedge pattern on the daily chart, which is extremely positive from technical perspective as the price could now rise towards all time high in the next few weeks.
BTC/USD is trading at $11,330, up nearly 3% and firmly above $11,000 mark - price last seen about two weeks ago.
On the daily chart, as pointed out last week, Bitcoin has been forming a falling wedge pattern which is extremely bullish for the prices once broken out. The breakout is clearly visible on the charts and now on the course to all time highs of $19,811, reached in December last year.
While on the intra-day 15 minute chart the price could retrace a bit as the RSI is in the overbought zone. Support now exists around $11,200 mark where intra day 21SMA stands.
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.
