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The price of Bitcoin is trading inside a horizontal channel. Yesterday, it broke out from an ascending triangle but failed to sustain the breakout and is now back inside the triangle. We expect the price to continue trading inside this pattern.
Bitcoin Price Highlights
- Bitcoin is trading inside a horizontal channel.
- There is support/resistance at $9,000/$9,800.
- BTC broke out from an ascending triangle.
- NEO has broken out above a significant resistance area.
Horizontal Channel
Since initiating the rapid upward move on Oct 25, the Bitcoin price is trading inside a horizontal channel with resistance at $9,800 and support at $9,000.
It initiated an upward move yesterday, which was short-lived since the price immediately decreased.
However, the volume was much higher during the upward move than during the decrease.
Previous Breakout
Looking closer at the upward move, we can see that the price broke out from an ascending triangle.
The rally reached a close at $9,500, potentially signifying another horizontal resistance line.
During the decrease, the price validated the support line once again and initiated a short bounce.
The price seems likely to continue trading within one of the triangles, eventually looking to break out and reach the resistance line of the channel.
NEO
The NEO price has broken out above a significant resistance area at ₿0.001 with significant volume.
The upward move has stalled at ₿0.0012 and the price seems to be in the process of decreasing.
BeInCrypto is expecting it to trade between these two areas for a while longer before eventually breaking out.
It is possible that this is the beginning of a new trend for NEO, so it is one of the coins which we will be keeping an eye out to possibly buy and hold and for long-term positions.
Good luck and happy trading! For yesterday’s analysis click here.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of TradingView.
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The post Bitcoin Analysis for 2019-11-05 [Premium] appeared first on BeInCrypto.
