![Bitcoin Analysis for 2019-11-04 [Premium]](https://beincrypto.com/wp-content/uploads/2019/06/bic_Bitcoin_explosive_rise.jpg.optimal.jpg)
After breaking out from a descending wedge on Oct 26, the price of Bitcoin has decreased to touch a previous resistance line. It is trading inside a short-term horizontal channel and an ascending triangle. The bullish divergence in the RSI inside a bullish pattern makes it likely that it will break out from the triangle and head towards the resistance line at $9800.
Bitcoin Price Highlights
- Bitcoin is trading between several important moving averages (MA).
- It is trading inside a horizontal channel.
- There is a short-term ascending triangle inside the channel.
- Short-term bullish divergence has developed in the RSI.
- Resistance/support is found at $9800/$9000.
Weekly Outlook
The Bitcoin price created a small bearish weekly candle completely contained within the body of the prior weeks bullish candle. This is more a characteristic of a retracement than a reversal. Also, while it has met resistance at the 20-week moving average (MA), it has found support above 10-week MA. Other important indicators considered, the MACD seems to be turning upward and has lost most of its negative momentum. A bullish cross, however, has yet to occur.
Daily Outlook
Looking at the daily time-frame, the price has been moving upward slowly after touching the previous resistance line on Oct 31. The price created a bullish Doji and began to move upward, until the bearish candle yesterday. Similar to the weekly time-frame, the price is trading between the 100- and 200-day MAs. Both these MAs are tightening, so a decisive move above or below one of them should eventually occur.
Horizontal Channel
In the short-term, the price has been trading inside a horizontal channel since Oct 25. The resistance and support lines are at $9,800 and $9,000 respectively. Inside it, it seems as if the price has created a bullish ascending triangle.
Additionally, there is bullish divergence developing in the RSI.
This makes a breakout towards the resistance line more likely.
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.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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