Bitcoin Price Analysis: The hourly chart has moved into a descending chart formation

Bitcoin trades just over 2% higher on the session over the bank holiday weekend.
The price has moved into a descending wedge formation on the hourly chart.

BTC/USD 1-hour chart

Bitcoin has been trading in a downward pattern ever since the market failed to break the 10K mark on May 7th. Now there is a clear pattern of lower lows and lower highs since the red support zone at 9289.57 was taken out. The main wave low still stands at 9120 and this could be an important resistance zone in the future.

The main highlight on the chart is the descending wedge pattern. The support was used very well and on Monday the market has pushed back up. The top of the pattern may now be a resistance zone but above this, if the price does push through it we could have an important signal.

The price us under both the 200 and 55 moving averages which is also a bearish sign. Closest to the price is the 55 exponential moving average and it could a resistance zone. The Relative Strength Index indicator has just moved above the 50 mid-line which is a bullish sign but often on the intraday timeframes the market is pretty volatile.

Additional levels

BTC/USD

Overview
Today last price	8896.33
Today Daily Change	180.02
Today Daily Change %	2.07
Today daily open	8716.31

Trends
Daily SMA20	9314.47
Daily SMA50	8230.12
Daily SMA100	7937.15
Daily SMA200	8051.67

Levels
Previous Daily High	9304.72
Previous Daily Low	8690.2
Previous Weekly High	9957.53
Previous Weekly Low	8800.12
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	8924.95
Daily Fibonacci 61.8%	9069.97
Daily Pivot Point S1	8502.77
Daily Pivot Point S2	8289.23
Daily Pivot Point S3	7888.25
Daily Pivot Point R1	9117.29
Daily Pivot Point R2	9518.26
Daily Pivot Point R3	9731.81

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