Bitcoin Trading Into A Wedge
Bitcoin trading has been tracing a price path of higher lows and lower highs for the past 4 months. The narrowing price action will eventually approach an apex. This report provides a forward view. We have been witnessing increasingly strange orderbooks and odd-lotter market behavior. Both buyers and sellers place buy orders below the rising trendline, but at the resistance ceiling the buyers lose conviction and the sellers regain dominance. The approaching juncture will force the bulls to become active buyers in the market, or else witness price drop irretrievably below rising support.....
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ICP price is likely to face strong resistance at its 50-day exponential moving average right under $20. The price of Internet Computer (ICP) reversed directions after falling to its record low near $14.50 on Feb. 24 and has rebounded by more than 30% ever since. And now, it appears the 35th-largest digital asset by market capitalization has more room to grow in the coming weeks.ICP breaks out of 'falling wedge'ICP's daily chart shows a falling wedge pattern — a setup consisting of two descending, converging trendlines connecting lower highs and lower lows. The intersecting nature of the....
Earlier this morning we published a piece detailing the decline in the bitcoin price overnight, and outlining our expectations for the BTCUSD as the European session matured. The primary pattern we highlighted in the bitcoin price was the downward sloping wedge, within which price had traded since we bounced from 265 flat before market open. Now, as we enter the close of the European session and the beginning of the US lunch, we have just broken out of the aforementioned wedge - a break that could signal bullish momentum throughout this afternoon. With this in mind, what are the levels to....
Litecoin Price Key Highlights. Litecoin price is currently stuck inside a rising wedge pattern on its 4-hour chart, indicating a slight trend higher with a bit of consolidation. Price found resistance at the area of interest around the middle of the wedge and went for a test of support. Litecoin price bounced off the wedge support and may be in for a stronger climb up to the resistance at $3.400. Potential Breakout Soon. For now, the 100 SMA is above the 200 SMA, which suggests that the uptrend could carry on. However, stochastic and RSI are both heading down from the overbought zone,....
Bitcoin price has been trading inside a rising wedge pattern as bullish pressure is present but weakening. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the 100 SMA is in line with the wedge support so it’s likely that it could keep losses in check. A dip lower could draw support from the nearby 200 SMA. Stochastic is on the move down so sellers are on top of their game. However, the oscillator is nearing the oversold level, which means that bearish pressure is about to be exhausted and buyers could gain the upper hand soon.....
Bitcoin price could be due for a bounce off the bottom of the rising wedge as the consolidation carries on. The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the gap between the moving averages seems to be widening, indicating stronger bullish momentum. Meanwhile, stochastic has turned higher even without reaching the oversold region. This could be indicative of a return in buying pressure, possibly allowing bitcoin price to make another attempt at breaking past the wedge resistance around $435. Also, RSI appears to be moving....