RATE Group | Falling Wedge Indicates Interim Breakout Scenario
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Falling Wedge Indicates Interim Breakout Scenario

13 Nov Falling Wedge Indicates Interim Breakout Scenario

Posted at 21:58h in Bitcoin News by

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bitcoin price



Bitcoin on Tuesday extended its downward momentum, dropping 0.67-percent against the US Dollar.

The BTC/USD trading pair opened the Asian trading session at 6288-fiat and attempted an upside correction to as high as 6309-fiat. The selling pressure around the 6309-level resumed the downtrend. As a result, the pair kept forming red candles for the rest of the Asian and European trading session. It is now trading at 6294-fiat.

The macroeconomic view of the US Dollar posted bullish sentiment for the currency. But it is not looking the same today. The greenback is poised to post losses before the market closes as European currencies rebound. The ICE dollar index was noted to be down 0.1 percent as the market opened today.

SOURCE: TRADINGVIEW.COM

A weaker dollar on an intraday basis can reinject the BTC/USD market with some upside sentiments. The pair is already forming a falling wedge pattern, indicated by the two unparallel black lines in the chart…

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