Wedge formation suggests Bitcoin recovery to $ 11,300
Bitcoin is solidifying in a wedge formation and preparing for the next upswing.
Wedge formation suggests Bitcoin recovery to $ 11,300MARKET UPDATE
Crypto Engine is still on target for the weekend after the price stabilized between 10,200 and 10,400 US dollars on Friday.
At the time of going to press, the market-leading cryptocurrency is forming a wedge formation in the price chart, with a pattern of higher lows showing since bottoming out at $ 9,838, pushing the price into an ever narrowing price range.
While trading volume is currently weak, the convergence divergence of the moving averages (MACD) is moving towards the signal line and the smaller boxes in the histogram additionally indicate that selling pressure is slowly decreasing.
Even if this is a good omen, the RSI is nonetheless still below the middle and even if Bitcoin is above the 100 MA, it now takes a break out of the wedge formation to convert the US $ 10,500 mark into support.
As mentioned in the previous analysis , if the bulls break the $ 10,500 mark, they will try to take advantage of the VPVR gap between $ 10,500-11,000, but assume the 20MA is at 10,900 US dollar will act as a strong resistance.
While the Bitcoin price is moving sideways in preparation for the next trend-setting step, the Altcoins were able to climb back to the top to scratch resistance that was still supports last week
Yearn.finance ( YFI ) is the top performer with a gain of 22.5%, which means that a price of 38,333 US dollars is now on the table. The Binance Coin ( BNB ) has meanwhile gained 11.30% and Ontology ( ONT ) is up 13.19%.
According to data from CoinMarketCap , the total market capitalization of all cryptocurrencies is currently 334 billion US dollars, of which Bitcoin has a market share of 56.8%.