Bitcoin Price Analysis: Market stutters ahead of 8K
- Bitcoin trades 0.45% lower on Monday as the market stalls ahead of 8K.
- The price has moved into an ascending wedge formation with a break looking imminent.
BTC/USD 4-hour chart
Bitcoin has been stuttering heavily over the last few days. The candles on the 4-hour chart below are short in stature and look like they are packed full of indecision. All of this hesitation comes as the market looks to target the 8K psychological level. On the left-hand side of the chart there is a red box where the market stalled in the past as the market fell. This is the same level where the bulls are struggling today and it would be good to keep an eye on the zone.
The chart pattern in black is an ascending wedge. The price is moving higher and has used the top of the pattern a few times as resistance. If there is to be an acceleration beyond the top of the pattern it would be a bullish and positive sign. If not the 7,500 and 7K support zones could halt any selling that kicks in.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
