Bitcoin price analysis: Flirts with falling wedge trendline after volatility returns
- Firms up after falling below $9,000 on Friday.
- Crucial to sustain above $9,000 for the rally to continue.
Cryptocurrencies' uncrowned king saw volatility coming back to the fore as the price of Bitcoin fell to as low as $8,376 on Friday before it could find its feet back on the groun on Saturday. BTC/USD now trading firmly above $9,000 mark at $9,260, marginally up 0.2% on day.
As this author reported last week, Bitcoin had falling wedge price breakout, but now has given up most of those gains and is trading just above the trendline breakout point of $9,000 and 200 DMA of $8,999 - crucial for the rally to resume.
On the intra day 15-minute chart, support now stands at $9,100 and then $8,607 levels, while resistance at $9,644 level. Visibility of higher highs, higher lows on the intra day chart is a signal that it could go further up on the day. RSI still not in overbought zone while MACD firmly above zero line.
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.
