Bitcoin: About time to move

Sitting at a key juncture, move on either direction likely.
Rising wedge formation still likely, potentially bearish for prices.

Manoj B Rawal Independent Analyst

Bitcoin, the largest cryptocurreny by market capitalisation is sitting at a very key juncture from where all it needs is a little push on the upside and it may just breakout. While, on the other hand, a failure to hold on these levels and a reversal is all that bears need to gain control. (Read earlier article here)

BTC/USD is down about two cents of a percent at $4,086 and trading in less than one percent range for the day - hallmark of low volatile weekend trading. On the daily chart, the largest coin has although crossed past a key decending trendline resistance, but it still needs to cross past another key level which is upper end of what seems to be a rising wedge.

BItcoin bulls need a minimum of 5 percent move on the upsdie to throttle ahead. However, bears need just a reversal towards lower end of the rising wedge and a fall below the line would be catastrophic for the prices.

BTC/USD daily chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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