Bitcoin Analysis for 2019-11-14 [Premium]

Bitcoin Price Highlights

• The Bitcoin price is trading inside a descending wedge.
• It is creating a bearish daily candlestick pattern.
• There is support at $8600.
• The BTC price has made a triple bottom.

Daily Candlesticks

After returning to validate the previous descending resistance line, the Bitcoin price suggested that it wants to move upward on November 9, creating a bullish candlestick. However, this was invalidated by a bearish engulfing candlestick the next day. Similarly, on November 11, the Bitcoin price created a bullish harami. The price is seemingly following that up today with another bearish engulfing candle, invalidating the reversal pattern.

Descending Wedge

Looking closer at the price movement since October 25, we can see that the Bitcoin price is trading inside a descending wedge. It is currently at the support line of the wedge, minor support area and 0.5 fib level of the entire move. While there is a strong bullish divergence in both the RSI and the MACD, the former has broken from its previous trendline — a slightly bearish development. Also, the Bitcoin price has made a triple bottom. Every other time the price reached the $8600-$8650 area, it created a long lower wick before resuming its upward activity. It is possible that it does the same again. A breakdown below the support line could trigger a rapid price decrease. At the current time, while that does not seem likely, we cannot rule it out. For our previous analysis, click here.

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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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