Deepen your knowledge of technical analysis indicators and hone your skills as a trader. For this reason, you might want to consider using the latest MetaTrader 5 trading platform, which you can access here. It may take you some time to identify a falling wedge that fulfills all three elements. Trading chart patterns are an important aspect of cryptocurrency trading and have always been a vital part of forex trading.
This pattern is distinguished by a narrowing price range combined with either an upward or a downward price trend. Ethereum price analysis: ETH levels drop to $1,812 after a latest bearish runĪ pattern refers to a trend of the market on an analysis chart which is often observed while trading assets, such as bonds, stocks, crypto, etc. In order to achieve an equal slope, the trend lines should be intersecting. One of the continuation chart patterns is the symmetrical triangle pattern, wherein two intersecting trend lines link a set of peaks and troughs to create this pattern. Furthermore, a strong bounce from this level could indicate a potential breakout of the falling wedge pattern which could signal further upside potential and a possible rally. Despite this news, Bitcoin has managed to remain above the $16,500 support level indicating that investors may still be more bullish than bearish on BTC in the near term. 15.įurthermore, if BTC fails to break out, it could lead to a breakdown of the $16,500 support and further losses in the coming days. The downward movement has so far led to a low of $19,500 on Sept. BTC has been falling since reaching a high of $22,781 on Sept. This count is also in alignment with the readings from the two-hour time frame. Therefore, it is likely that the decrease is part of the A wave of an A-B-C corrective structure. Meanwhile, the cryptocurrency expects to remain healthy also as US President Joe Biden’s $1.9 trillion stimulus proposal advances through the House of Representatives. Ethereum price analysis: ETH levels drop to $1,812 after a latest bearish run.This area served as an upper boundary of the recent consolidation channel, now it is strong support with a combination of SMA50 daily and the middle line of the daily Bollinger Band located on approach. A sustainable move below this barrier will bring $7,300 back into view. Once it is broken, the sell-off may continue towards $7,700. It is reinforced by SMA100 daily and the upper line of the daily Bollinger Band located around this barrier. On the downside, the initial support is created by a psychological $8,000. If it is cleared, SMA200 (Simple Moving Average) daily at $9,200 will come into focus. Once it is out of the way, the upside is likely to start snowballing with the next focus on $8,450 (the recent high and 50% Fibo retracement) and psychological $9,000. The coin is trying to break the critical resistance created by the upper boundary of the descending wedge (currently at $8,350). The world’s largest cryptocurrency hit $8,464 during early Asian hours before retreating to $8,348.
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Professional investors are also back from the Christmas break and starting to deploy capital - this is called the January effect in the stock market.Īpart from that, traders note that the momentum might have been triggered by USDT market capitalization adjustment on CoinMarketCap as trading bots interpreted the sudden increase of Tether’s market value as a buy signal. Emmanuel Goh, who runs crypto derivatives tracker Skew, points out to the so-called January effect.īitcoin and gold are well supported due to rising tensions between the U.S. However, geopolitics is not the only factor behind BTC stellar growth.
#Bitcoin descending wedge free
Also, being free from political control, Bitcoin is regarded as an insurance against sanctions, frozen bank accounts and other hostile actions of the governments that may deprive people of access to their money. It is not all about geopoliticsĮxperts believe that Bitcoin behaves like a safe haven, attracting capital flows in periods of uncertainty.
and Iran are considered as one of the factors behind the sharp growth of the cryptocurrency markets. Concerns about a military conflict between the U.S.
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