The Bitcoin price has decreased all the way to the support line of the ascending triangle it has been engulfed in since Oct 26. It is likely that it will increase towards the resistance line later today. A breakout has not been ruled out.
Bitcoin Price Highlights
- Bitcoin is trading inside an ascending triangle.
- The triangle is contained within a horizontal channel with resistance/support at $9,800/$9,000.
- There is very short-term bullish divergence developing.
Stellar XLM Price Highlights
- XLM has made a double top at the resistance area of 900 satoshis.
- There is support at 750 satoshis.
The Bitcoin price has been trading inside an ascending triangle since Oct 26.
It is currently right at the support line of this triangle, having created a long lower wick. The support line is significant since it has been validated numerous times.
Looking closer at price movement we can see a descending wedge in development.
Additionally, there is a bullish divergence in both the RSI and the MACD.
This convergence of support and bullish readings from technical indicators makes us believe that BTC will break out today and head for the resistance area of the triangle at $9,500.
One coin we want to look at is XLM. It was twice rejected at the 900 satoshi level and is now decreasing.
There is minor support at 760 satoshis.
This level coincides with both the 100 and 200-day moving averages, making it a suitable level to re-enter with the goal of profiting for the next upward move, which will possibly break through the resistance area.
Since XLM is also at a long-term bottom, this coin could be great to buy and hold or for a long-term trade.
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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