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The Bitcoin price initiated a very weak breakout from a descending wedge. The price is attempting to hold on to a significant support area, which if broken down, could retrace back below $7,000. The short-term outlook is neutral but leaning bearish.

The Bitcoin price had been trading inside a descending wedge since Nov 27. After reaching the 0.5 fib level support near $7,200, the price began to increase and eventually broke out from the wedge.

However, the breakout transpired with almost non-existent volume, indicating weakness and suggesting that the price will likely revisit the 0.5 fib support around $7,100 in the near future.

There is a bullish divergence trend in the RSI which is still intact. However, the price has fallen below both the 100 and 200-hour moving averages (MA). In order to initiate an upward move, it has to flip them as support in the near future.

The weak breakout, however, suggests that Bitcoin still has some room to go down. It would not be surprising to see another lower-low near the descending support line while the bullish divergence trend stays intact.

A double bottom at $7,200 would present a slightly more bullish scenario.

The more bearish outlook has BTC broken down from an ascending support line and validated as resistance. In this scenario, the price would continue moving downward until reaching one of the support areas outlined below, found at $7,200 and $6,900.

The daily chart better shows the significance of this support area. While the price fell slightly below it, it immediately reclaimed the area as support. The presence of wicks gives it more strength, since many positions near $7,000 are getting taken.

If Bitcoin were to decrease below this area, it would likely make another low near the descending support line. This has bearish implications since there is almost no support from a previous trading range until $6,000.

To conclude, while Bitcoin has attempted to begin upward moves in the short-term, they were unsuccessful. It looks as if the strength of the bulls is exhausted, and the price might make a slightly lower-low before attempting another upward move.

For our previous 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 Shutterstock, TradingView.

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