The price of Bitcoin has decreased yesterday but found support on the currently seen structure which looks like it is going to be developed as a symmetrical triangle out of which a breakout to the upside would look likely now that the price is in an upward trajectory again and hasn’t come below $7442.
- An interaction made yesterday with the significant ascending support level made the price going in an upward trajectory which indicated strong support.
- The increase seen from yesterday could be the start of the breakout momentum to the upside, especially considering that the price hasn’t entered the territory of the presumed 2nd wave.
- This could also correctional as the price found resistance below yesterday’s broken minor horizontal support level at around $7895 which is now being retested for resistance
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Bitcoin Analysis BTC/USD
From yesterday’s low at $7556, the price of Bitcoin has increased by 4.68%, measured to the highest point the price has been today, which is at $7900.
On the hourly chart, we can see that after yesterday’s interaction with the ascending trendline the price found support there and has started increasing again and has recovered to the levels from which the downfall was made.
This recovery hasn’t still pushed the price above the prior high which is why I am still considering that we are seeing a downtrend and the recovery seen could be the retest of the broken minor horizontal support level which now serves as resistance.
This increase seen could also very well be the beginning of the next 5th wave to the upside which will shortly be verified if the price manages to continue moving to the upside. The possibility that the increase seen from last Friday being a five-wave impulse is still there as the price hasn’t entered the territory of the now labeled B wave which if impulsive would be the 2nd one out of the five-wave move.
As the price is in an upward trajectory this possibility looks more likely at this point which is why further upside would be expected with the price exceeding the prior high and potentially going above the resistance found at around $8300 level.
This would be the ending wave which is why after its completion I would be expecting the start of the higher degree downtrend.
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