Bitcoin price has very clearly created a rising wedge as short-term price action tests the 0.5 fib level between $13,000 and $14,000 twice over the last 20 Days. The question remains as to whether the strength of the current bullish trend will be enough to propel price levels upwards out of the current rising wedge, which is notoriously one of the most reliable bearish trading patterns. See here for more information on where BTC’s price could be heading for the remainder of 2019.
Bitcoin Price 1 Hour Analysis
On the 1 Hour chart, we can clearly see the most recent sell-off within the rising wedge pattern over the last few hours. During this time RSI has turned oversold indicating bears are in control of the intra-minute price action. However, despite this, the current short-term trend is still very much bullish. Clear red volume supports the most recent sell-off, however price action is still within the rising wedge and could bounce very soon.
Key support levels to look out for if price levels break-down from the rising…