RATE Group | Bitcoin Price Set to Reclaim $8K But a Rising Wedge Is Worrying Bulls
70405
post-template-default,single,single-post,postid-70405,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Price Set to Reclaim $8K But a Rising Wedge Is Worrying Bulls

30 Nov Bitcoin Price Set to Reclaim $8K But a Rising Wedge Is Worrying Bulls

Posted at 08:07h in Bitcoin News by

[ad_1]

Bitcoin price (BTC) is taking a bit of a breather after breaking flipping the $7,600 resistance to support during the morning trading hours of Nov 29. 

While the current technical setup is exciting, bulls will need to supply significant enough volume for the price to break to the upside of the rising channel, above the $7,800 resistance and the 61.8% Fibonacci retracement level. 

Crypto market daily performance

Crypto market daily performance. Source: Coin360

Buyers stepped in on Friday morning, pushing Bitcoin price from $7,430 to $7,880 before pulling back to $7,750. Currently, Bitcoin trades in a rising wedge and the price remains capped below the resistance at $7,800. 

Today’s upside move brought the price above the midpoint of the long term descending channel and the moving average convergence divergence (MACD) on the daily and 6-hour time frame suggests that additional upside is in store. 

At the time of publishing the MACD line is crossing above the signal line and the histogram has flipped from negative…

[ad_2]

Source link

Tags:
, , , , , , , ,