Current Bitcoin SupportThe Bitcoin price has been increasing since June 20, when it reached a high of $9,170. The movement since then resembles a five-wave Elliott formation, inside which the price is currently in the fourth wave. Furthermore, the price seems to be in the middle of an ascending parallel channel, making this a very likely place for the fourth wave to end. A possible target for the end of the fifth wave would be at $9,980, which would be the length of the third wave projected at the bottom of the fourth. Looking at a slightly longer period, we can see that there is a horizontal support/resistance zone around $9,540. Furthermore, the 50 and 200-hour moving averages (MA) have made a bullish cross, and the price is trading above the latter. This makes it more likely that the price will reverse from the current level.
Long-Term MovementLooking at a slightly longer-term chart, we can see considerable resistance at $9,900 and $10,050. Furthermore, it is possible that the price is trading inside an ascending wedge, the resistance line of which will soon coincide with the $9,900 area. Therefore, this would be the most likely reversal area, after which a breakdown from the ascending wedge would be expected. To conclude, the Bitcoin price is trading inside a strong support area, which is expected to initiate a bounce towards $9,900. For our previous analysis, click here.
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