RATE Group | Rising wedge breakdown exposes Thursday’s low
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Rising wedge breakdown exposes Thursday’s low

13 Jul Rising wedge breakdown exposes Thursday’s low

Posted at 13:32h in Bitcoin News by

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  • Bearish bias persists amid bearish reversal pattern spotted on hourly sticks.
  • Recovery to get sold-off into horizontal 200-HMA near 11,750

Bitcoin, the world’s most widely traded currency, resumed its recent downward momentum on Saturday, having witnessed a temporary reversal on Friday. The recent recovery lost legs just shy of the critical 12k mark, as the sellers returned amid a broader market sell-off.  The No. 1 coin shaved-off gains seen over the last 24 hours and eroded nearly 2% so far this Saturday, still maintaining a market capitalization of around $ 207 billion.

The downside looks compelling as the prices have displayed a breakdown from the rising wedge pattern on the hourly chart.  The bearish reversal pattern was confirmed once the ascending trendline support at 11,341 was breached. Bears now target the next horizontal support near 11,100 levels before attacking Thursday’s low of 10,968.

Amid the negative bias, the hourly Relative Strength…

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