The Bitcoin price is trading right at the support line of a descending wedge. The outlook from the daily time-frame is bearish, since a death cross just transpired. However, the short-term outlook is bullish and is supported by a bullish candlestick formation.
- The Bitcoin price is trading at the support line of a descending wedge.
- The 50- and 200-day moving averages made a bearish cross.
- The short-term outlook looks bullish.
- There is resistance at $7700.
- XMR is gradually moving upward.
Bitcoin Death Cross
The moving averages (MA) finally made a death cross, created by a bearish cross between the 50- and 200-day MAs.
On a more positive outlook, the price seems to be reacting well to the descending support line — having created to long lower wicks, a sign of buying pressure.
Looking at the short-term movement, there have been several bullish developments.
First, we have a strong bullish divergence in both the RSI & MACD.
Secondly, the price has made three bullish candlesticks; the bullish hammer on October 23, the bullish engulfing pattern the next day, and another bullish hammer today.
This makes it likely that the price will move towards the next resistance area found by the 0.5 fib level near $7700.
The Monero price looks to be gaining strength, having increased this week despite the BTC decrease.
It is moving towards the resistance line of its descending wedge.
The MACD is also moving towards positive territory.
We would expect a breakout within the next 2-3 weeks.
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 Twitter, TradingView.
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