Bitcoin price analysis: Wedge breakout is here, what about the "death cross"?
- BTC/USD broke out of a falling wedge on Thursday.
- "Death cross" still looms large.
Bulls have won the fight, at least for now, which had all the ingredients of an epic war that could have resulted in near death of the king of the cryptos, as the price of the crypto breaks out of a falling wedge pattern that has potential to take the price beyond all time high of $19,811 that was hit December last year. (Read earlier articles here and here)
BTC/USD is up more than 1 percent and flirting with the $8,000 psychological mark, having resistances around $8,155 and $8,247 levels and supports around $7,686 and $7,483 levels. As long as BTC can sustain above $6,000 mark, bulls will have an upper hand. While, on the upside bears still have "death cross" on their side to try to kill the bullish momentum. Crossing over of 200 SMA, which is at $9,600 right now, would negate any effect of death cross.
On the hourly chart the price continues to move in the upward sloping channel with higher highs and higher lows - another arsenal on the side of bulls.
BTC/USD daily chart:
BTC/USD hourly chart:
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.
