Bitcoin Price Highlights
- The Bitcoin price is trading inside an ascending wedge.
- It has reached the resistance line of its descending channel.
- The price has possibly finished a five-wave Elliott formation.
- There is a bearish divergence in both the RSI and MACD.
- The price has almost reached the 200-day moving average (MA).
Bitcoin’s Ascending Wedge
The Bitcoin price is likely trading inside an ascending wedge, which is considered a bearish pattern. The price has reached the resistance line of the wedge, which also coincides with the resistance of the long-term channel, making it a very likely place for the top of the current movement. In addition, the price created a large bearish candlestick with an upper wick. But, it has yet to close below the previous bullish candlesticks opening price, which would confirm that the top has been reached.

Moving Averages
The daily chart reveals that the price has just reached the 0.382 fib level of the previous decrease. Additionally, the position of the 200-day MA further strengthens the overhead resistance of the line and makes it unlikely that the price will break out immediately. However, yesterday’s bullish engulfing candlestick shows that the price has broken out above the previous resistance without any trouble. A breakout above the resistance line and the MA would confirm that the downward trend that began on June 24, 2019, has ended.
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Disclaimer
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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