RATE Group | BTC/USD falling wedge pattern breakout brushes shoulders with $8,700
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BTC/USD falling wedge pattern breakout brushes shoulders with $8,700

27 Jan BTC/USD falling wedge pattern breakout brushes shoulders with $8,700

Posted at 03:29h in Bitcoin News by

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  • Bitcoin reclaims the ground above $8,600 after defending the support at $8,400 over the weekend session.
  • Bitcoin bulls are keen on establishing a higher support zone preferably at $8,600.

After spending most of the weekend in the range between $8,200 and $8,400. Bitcoin is pushing the gains above $8,500. The bearish pressure encountered last week found a formidable balance above $8,200. The return above $8,400 was very to the ongoing action.

Moreover, Bitcoin stepped above the moving averages. The move seems to be encouraging the bulls to increase their entries in addition to changing their focus from $8,700 to $9,200 (previous week resistance).

BTC/USD is changing hands at $8,617 and is slightly in the green considering the opening value of $8,594. Technical levels, including the RSI, seem to be aligning for a rally towards $9,000. However, Bitcoin must clear the resistance at $8,700 and $8,700 respectively.

The RSI at 65 is moving in the direction of the…

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