Today, I want to share with you guys some technical analysis of Bitcoin's price. As you all know for the last few months BTC has been in a downtrend. Its price is declining day by day. From mid-June to mid-August the price of Bitcoin started to settle around and it took little pumps but as a result a rising wedge pattern was made on the daily chart, which when formed in a downtrend results a continuation of the downtrend. And bitcoin's price dropped from 23150 to 20835 on 19th of August.
The following week Btc kept moving between 21600 to 20800. Until it break another support(20800) and further dropped to 20200. And for the last week Btc price has been moving up and down between 20500 and 19500.
BUT BUT BUT as a result a falling wedge pattern is about to be made which can reverse the on going downtrend and we may see a bullish run in the price movement of Bitcoin.
If it did happen then we may potentially have three breakout points.
- It may hit the 18900(+/- 100) support and bounce from there. Little chance.
- Or 18000(+/-50). Moderate.
- Or 17000(+/-50). More likely.
So guys this is what I think may happen to Bitcoin price in the coming few days or may be a week or two. But also there is possibility that none of this happen at all. It all depends on the falling wedge pattern if it is made then its more likely to happen that the bitcoin price may take a huge pump from the above discussed supports.
