RATE Group | Bitcoin (BTC) Price Analysis: Long-Term Reversal Pattern Almost Complete
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Bitcoin (BTC) Price Analysis: Long-Term Reversal Pattern Almost Complete

05 Sep Bitcoin (BTC) Price Analysis: Long-Term Reversal Pattern Almost Complete

Posted at 10:37h in Bitcoin News by

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Bitcoin is still consolidating in a wedge pattern but may be pushing higher.

Bitcoin has formed higher lows and higher highs to trade inside a rising wedge pattern on its 4-hour chart. Price is testing the resistance after breaking past a small triangle consolidation to signal a pickup in bullish pressure.

The 100 SMA also completed a bullish crossover from the 200 SMA to confirm that the path of least resistance is to the upside or that resistance is more likely to break than to hold. However, RSI is turning lower after recently hitting overbought levels to signal a possible dip. In this case, support is still more likely to hold than to break.

Stochastic was also on the move down but has turned back up halfway through to reflect a return in bullish pressure. A candle closing past the $7,500 level could confirm a bullish break and an uptrend that’s the same height as the wedge, which is around $1,500 tall.

Bitcoin drew more support on increased coverage for bullish forecasts from…

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