Bitcoin Price Prediction: BTC/USD moving within rising wedge pattern, vulnerable to another bear attack, unless momentum kicks in
- Bitcoin price seen holding decent gains over 2% on Thursday, after a bloodshed of a trading week.
- BTC/USD moving within a rising wedge pattern, vulnerable however to a break south.
The Bitcoin price was seen up over 2% on Thursday, after a hard week of losses for the crypto market. Much selling pressure has been seen across the board, small rallies are quickly being sold by the bears waiting within the wings.
BTC/USD is currently moving within a rising wedge pattern, the formation has been taking shape since the 14th August lows, printed at $5857.50. Decent buyers were seen here, with the price quickly gaining some 10%.
Technically, given the current price behavior and formation of an ascending wedge pattern, it makes BTC/USD vulnerable to a breakout south. Near-term support is eyed at $6390 area, the lower part of the rising wedge pattern, then $6305 the 50MA. Resistance to the upside seen within the $6500 proximity, a supply zone tracks just above.
BTC/USD 4-hour chart
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Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
