Bitcoin price analysis: Rising wedge breakdown exposes Thursday’s low


  • Bearish bias persists amid bearish reversal pattern spotted on hourly sticks.
  • Recovery to get sold-off into horizontal 200-HMA near 11,750

Bitcoin, the world’s most widely traded currency, resumed its recent downward momentum on Saturday, having witnessed a temporary reversal on Friday. The recent recovery lost legs just shy of the critical 12k mark, as the sellers returned amid a broader market sell-off.  The No. 1 coin shaved-off gains seen over the last 24 hours and eroded nearly 2% so far this Saturday, still maintaining a market capitalization of around $ 207 billion.

The downside looks compelling as the prices have displayed a breakdown from the rising wedge pattern on the hourly chart.  The bearish reversal pattern was confirmed once the ascending trendline support at 11,341 was breached. Bears now target the next horizontal support near 11,100 levels before attacking Thursday’s low of 10,968.

Amid the negative bias, the hourly Relative Strength Index (RSI) appears to have bounced-off the oversold territory, which seems to offer some temporary respite to the BTC bulls. Any recovery attempt is likely to be shallow and could get sold-off into the horizontal 200-hourly simple moving average (HMA) now placed near 11,750. Should the bulls manage to regain the last, a test of the upper trend-line resistance at 11,976 will come into play. The pattern will fail on a break of this resistance.

BTC/USD 1-hour chart

Levels to Watch

BTC/USD

Overview
Today last price 11607.6
Today Daily Change -193.74
Today Daily Change % -1.64
Today daily open 11801.34
 
Trends
Daily SMA20 10508.36
Daily SMA50 9052.96
Daily SMA100 7149.22
Daily SMA200 5432.74
Levels
Previous Daily High 11943.45
Previous Daily Low 11085.27
Previous Weekly High 13195.19
Previous Weekly Low 10968.34
Previous Monthly High 13862.09
Previous Monthly Low 7437.33
Daily Fibonacci 38.2% 11615.63
Daily Fibonacci 61.8% 11413.1
Daily Pivot Point S1 11276.59
Daily Pivot Point S2 10751.84
Daily Pivot Point S3 10418.41
Daily Pivot Point R1 12134.77
Daily Pivot Point R2 12468.2
Daily Pivot Point R3 12992.95

 

 

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