Bitcoin price levels quickly bounced off the triangle support at $9,400 back up to just below $11,000 at the beginning of September. Since then BTC has formed a falling wedge and looks poised for another move up.
Bitcoin Price 1-Hour Analysis
On the 1 hour chart for XBT/USD, we can see the falling wedge that has formed off the back of the most recent explosive move to the upside. During which, price levels rose from $9,400 to just below $11,000 as displayed in my previous analysis on bitcoin. RSI can be seen visibly creating low lowers throughout the last 10 days.
Despite price levels forming a falling wedge volume levels are much higher than they were at the end of August. This paired with the fact price levels haven’t dumped yet, just steadily decreased indicates no real bearish momentum has built up yet. Volume levels are…