RATE Group | Bitcoin Price Intraday Analysis: BTC/USD Wedge Support Broken
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Bitcoin Price Intraday Analysis: BTC/USD Wedge Support Broken

17 Sep Bitcoin Price Intraday Analysis: BTC/USD Wedge Support Broken

Posted at 18:35h in Bitcoin News by

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Bitcoin Price

Bitcoin price on Monday depreciated against the US Dollar after consolidating sideways for the whole Asian and European sessions.

The BTC/USD at the beginning of the US trading hours formed lower lows towards 6239-fiat. Before that, the pair was trading sideways owing to minimal momentum. It kickstarted the Asian session with just shy of 6500-fiat and recorded marginal gains as the day matured. BTC/USD started retracing below 6500-fiat during the early European session, displaying weak pullbacks from the said psychological level. And, right around the time of this writing, and at the beginning of the US session, the pair has dropped by more than 2.5 percent already.

In one of our previous analysis, we had put BTC/USD inside a near-term rising wedge. We had expected the pair to bring potential entry/exit positions between the wedge range. So it happened. But, with the support of the rising wedge broken, we are looking at bear pole formation in the context of the medium-term…

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