The Bitcoin price is trading inside a horizontal channel and an ascending triangle. According to our analysis, it is likely to break out from the triangle and reach the resistance line of the channel at $9,800.
Bitcoin Price Highlights
- Bitcoin is trading between the 100 and 200-day moving averages.
- It is trading inside an ascending triangle.
- There is resistance/support at $9,800/$9,000.
- Candlesticks provide a bullish outlook.
After breaking out from the long-term descending wedge, the Bitcoin price has been trading between the 100 (white) and 200-day (blue) moving averages (MA).
The MAs are tightening, suggesting that a decisive move above or below them is likely to occur.
What is interesting is that the 200-day MA is moving upward, since the price is creating higher lows, while the 100-day average is steadying, possibly allowing for a bullish cross.
This movement is in line with the creation of a short-term ascending triangle.
Additionally, an analysis of candlesticks gives a bullish outlook.
The price created a bullish Doji on Oct 30 and has been moving upward since.
The bearish candlesticks have been contained within the body of the bullish ones, as evidenced on Nov 4.
In the short-term, the price is trading inside a horizontal channel and an ascending triangle.
Currently, it is at the resistance line of the triangle at $9,500.
A breakout from this pattern would likely take it to the resistance line of the channel at $9,800.
In our Oct 30 analysis, we mentioned that LTC has broken out from a wedge and came back to validate it.
It has begun an upward move and looks poised to reach the resistance area at $76-$78.
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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