Bitcoin Price Highlights
- The Bitcoin price broke out from a short-term descending wedge.
- It is trading inside an ascending channel.
- A golden cross is about to transpire.
- The price is likely in the fifth and final wave of an Elliott formation.
- There is minor support at $9,750 and major support between $9,000-$9,200.
- There is minor resistance at $9850 and major resistance at $10,400.
Wedge BreakoutSince the February 15 breakdown, the Bitcoin price traded inside a descending wedge. Today, the price broke out and has been increasing. It has currently reached the minor resistance area at $8500 and is making an attempt at breaking out. Until it does so, this increase is considered a retracement in response to the prior decrease rather than the beginning of a new upward movement. The RSI also mirrors this statement, since it is right at the 50-line. A price movement above this resistance area would cause the RSI to also move above this line.
Ascending ChannelIn the longer-term, the BTC price is trading inside an ascending channel. The breakout caused the price to initiate a small bounce at the support line of this channel. On a bullish note, the 50- and 200-day moving averages (MAs) have just made a bullish cross. The main support area is found at $9000-$9200, the 0.382 Fib level of the entire decrease, and is also supported by the impending bullish cross of the aforementioned MAs.
Bitcoin Wave CountThe Bitcoin price movement has been following an Elliott wave formation since the low of $6477 on December 18, 2019. There are two possible patterns in play:
- The first one (blue) indicating that the formation was completed on February 13, with a high of $10,491.
- The second one (green) suggests that this is still a part of the fifth wave that will head towards $11,000.
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.