Bitcoin Price Analysis: Market stutters ahead of 8K

Bitcoin trades 0.45% lower on Monday as the market stalls ahead of 8K.
The price has moved into an ascending wedge formation with a break looking imminent.

BTC/USD 4-hour chart

Bitcoin has been stuttering heavily over the last few days. The candles on the 4-hour chart below are short in stature and look like they are packed full of indecision. All of this hesitation comes as the market looks to target the 8K psychological level. On the left-hand side of the chart there is a red box where the market stalled in the past as the market fell. This is the same level where the bulls are struggling today and it would be good to keep an eye on the zone.

The chart pattern in black is an ascending wedge. The price is moving higher and has used the top of the pattern a few times as resistance. If there is to be an acceleration beyond the top of the pattern it would be a bullish and positive sign. If not the 7,500 and 7K support zones could halt any selling that kicks in.

Additional levels

BTC/USD

Overview
Today last price	7675.76
Today Daily Change	-28.57
Today Daily Change %	-0.37
Today daily open	7704.33

Trends
Daily SMA20	7126.13
Daily SMA50	6694.52
Daily SMA100	8000.81
Daily SMA200	7970.76

Levels
Previous Daily High	7712.94
Previous Daily Low	7491.5
Previous Weekly High	7765.01
Previous Weekly Low	6754.64
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7628.35
Daily Fibonacci 61.8%	7576.09
Daily Pivot Point S1	7559.58
Daily Pivot Point S2	7414.82
Daily Pivot Point S3	7338.13
Daily Pivot Point R1	7781.02
Daily Pivot Point R2	7857.7
Daily Pivot Point R3	8002.46

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