Bitcoin Price Analysis: Falling Wedge Pattern May Lead to Bullish Breakout for BTC

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  • Bitcoin (BTC) is breaking out of the falling wedge pattern, but $10250 resistance may suppress bullish pressure.
  • The price of BTC is up by $1.23% as the bear remains weak at the $10000 support.

From the downside, the $10000 support has continued to hold for Bitcoin since September 10, following the sharp rebound at $9855. Meanwhile, the market is still looking bearish on a mid-term. However, the price of BTC is currently up by 1.23% after witnessing buy over the past few hours.

From the upside, the price is trading below the $10250 resistance – which is a breakout level for the bulls. If Bitcoin got rejected, the trading might once again swing back to the $10000 support. Technically, a price break is more likely to shape the next direction for the BTC market.

Bitcoin’s Current Statistics

Trading Price: $10185

Market Capitalization: $183,396,220,039

Trading Volume: $14,508,875,662

Key resistance levels: $10250, $10400, $10587

Key support levels: $10000, $9855, $9700

Bitcoin (BTC) Price Prediction for September 12, 2019

Zooming into the hourly chart, Bitcoin is caught in a falling wedge pattern for the past six days now. This pattern formation is commonly followed by a bullish breakout which is likely to cause BTC to test the $10400 and $10587 in an uptrend if we can have a clear break above the $10250 resistance level. By then, Bitcoin may once more follow a bullish sentiment.

BTCUSD, Hourly Price Chart, September 12, 2019

But if the $10250 resistances suppressing buying pressure, the price may bounce down as the market may face the $10000 support level again. Considering a bearish breakout at this support, Bitcoin may plummet to $9855, and $9700 supports in no time. A further drop may cause a severe roll back to the critical support at $9000.

Conclusively

We should expect Bitcoin to go bullish with the wedge pattern that is carving on the short-term outlook. And if the pattern formation fails to play out, Bitcoin might resume falling back to the critical technical support which has been holding the market over the past three days.

Technical Indicator Reading

RSI for Bitcoin has climbed back above the 50 level, indicating that the bulls have stepped back in the market. We can expect the market to rise further if the RSI remains positive.

Stochastic RSI is showing weakness from the bull sides, although the market is yet to reach the overbought area. This shows more room for buying pressure on the Bitcoin price.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Michael Fasogbon: Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.