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2019-12-9 12:34 |
The Bitcoin price has created an ascending triangle in both the short- and the medium-term. There is resistance all the way to $7900. The long-term outlook still suggests that this is a retracement as opposed to a new upward move.
Bitcoin Price Highlights The Bitcoin price is trading inside a short- and a longer-term ascending triangle There is resistance at $8625 and $8900. The 50- and 200-week moving averages have made a bullish cross. Bitcoin in an Ascending TriangleThe Bitcoin price has been trading inside a possible ascending triangle since December 4. While the resistance area at $7625 is clear, the price is following one out of two possible ascending support lines with slightly different slopes.
The ascending triangle is considered a bullish pattern, making a price breakout more likely. If one were to occur, the first target for the Bitcoin price would be $7900.
Daily OutlookA look at higher time-frames shows a similar ascending triangle in development, that has been in place since November 22.
The resistance area is found at $7900, coinciding with the target from the previous section. Once the price reached this area on December 4, it created a long upper wick and decreased, indicating selling pressure.
This area also coincides with the 0.5 Fib level of the preceding downward move. Therefore, the current increase still has to be considered a retracement in response to the prior decrease rather than a new upward move.
Moving AveragesThe weekly moving averages (MA) show that we just had a bullish cross of the 50- and 200-week MAs. The Bitcoin price has found support above them.
However, it has yet to close above the previous resistance area, even though it has traded above it on several occasions.
To conclude, the Bitcoin price has given short-term signals that it wants to move upwards. However, the long-term outlook reveals no confirmation yet that this increase is a new upward move rather than a retracement.
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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