Bitcoin Wedge Breakout Looms, Traders Eye Upward Momentum
An analysis of the BTC/USDT 1-Hour chart indicates that the asset is currently trading within a descending wedge pattern. This pattern is characterized by a contracting range and a downward-sloping trendline, suggesting a potential breakout in the near future.
BTC/USDT Technical Analysis 1-Hour Chart (Source: TradingView)
An analysis of the BTC/USDT 1-Hour chart indicates that the asset is currently trading within a descending wedge pattern. This pattern is characterized by a contracting range and a downward-sloping trendline, suggesting a potential breakout in the near future.
Based on historical price action, it is likely that traders will look to enter long positions upon a breakout above the upper trendline of the wedge, in an effort to capitalize on the potential upward momentum. It is important to monitor the key levels of support and resistance for potential breakout scenarios that could indicate the direction of future price movements.
Additionally, the asset is currently trading above the 200-day moving average, which is a bullish signal. Furthermore, the relative strength index (RSI) and average true range (ATR) are currently displaying values of 45.72 and 146.06 respectively, which may suggest a moderate level of volatility in the market and a neutral trend in terms of momentum.
Moreover, the potential support for the digital asset can be found at the 200-MA zone, with a value of $22,022. Conversely, resistance can be observed at $23,660. Should a breakout occur below the current support level, it is possible for the price of Bitcoin to experience a decline to the $21,000 price level. However, another potential scenario is that the price of Bitcoin experiences an upward trend, potentially reaching the $24,000 price region in the near future.
According to CoinMarketCap, the cryptocurrency king has a 24-hours price decrease of 1.55% and currently trades at $22,735.
The post Bitcoin Wedge Breakout Looms, Traders Eye Upward Momentum appeared first on Analytics Insight.
An analysis of the BTC/USDT 1-Hour chart indicates that the asset is currently trading within a descending wedge pattern. This pattern is characterized by a contracting range and a downward-sloping trendline, suggesting a potential breakout in the near future.
BTC/USDT Technical Analysis 1-Hour Chart (Source: TradingView)
An analysis of the BTC/USDT 1-Hour chart indicates that the asset is currently trading within a descending wedge pattern. This pattern is characterized by a contracting range and a downward-sloping trendline, suggesting a potential breakout in the near future.
Based on historical price action, it is likely that traders will look to enter long positions upon a breakout above the upper trendline of the wedge, in an effort to capitalize on the potential upward momentum. It is important to monitor the key levels of support and resistance for potential breakout scenarios that could indicate the direction of future price movements.
Additionally, the asset is currently trading above the 200-day moving average, which is a bullish signal. Furthermore, the relative strength index (RSI) and average true range (ATR) are currently displaying values of 45.72 and 146.06 respectively, which may suggest a moderate level of volatility in the market and a neutral trend in terms of momentum.
Moreover, the potential support for the digital asset can be found at the 200-MA zone, with a value of $22,022. Conversely, resistance can be observed at $23,660. Should a breakout occur below the current support level, it is possible for the price of Bitcoin to experience a decline to the $21,000 price level. However, another potential scenario is that the price of Bitcoin experiences an upward trend, potentially reaching the $24,000 price region in the near future.
According to CoinMarketCap, the cryptocurrency king has a 24-hours price decrease of 1.55% and currently trades at $22,735.
The post Bitcoin Wedge Breakout Looms, Traders Eye Upward Momentum appeared first on Analytics Insight.
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