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Technical Analysis–Bitcoin Back To an Upward Trend, Explained.

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 Since mid-March, Bitcoin downward trend has formed a falling wedge.

The formation of a wedge is an indication that traders are still not sure where to take the pair next. It is what we can call hesitancy. We distinguish two types of wedge.: If a wedge is pointed downward, it is a falling wedge and if a wedge is pointed upward then it is a rising wedge.

Wedges can tell either continuation or reversal pattern. As a reversal pattern, it is formed at a bottom of downward trend which is the case with Bitcoin chart pattern.

Looking at 4 hour chart, the BTC/USD pair has broken out the descending line connecting the highs at the time the wedge was complete, Then a  pull back was seen before the pair took off again.

Upon breaking free from the descending wedge, the pair made a slow upward move. Amid this bullish move, a long green candlestick was surprisingly formed in 30 minutes on April 12.

Bitcoin Price today

Currently Bitcoin is trading near the target price of $9070 which falls in within the resistance zone between $8964 and $9709. The target price equals the height of the wedge where the two trendlines start.

Current Bitcoin price marks a new April high. Further, we expect Bitcoin to continue its upward move towards the key level of $9000. Dear traders keep confidently your long position

As per Dan Morehead, CEO of Pantera, a cryptocurrency hedge fund, reportedly said:

Something that’s growing that fast hardly ever gets below its 200-day moving average. When it does, it’s a very good time to buy.”

Further Dan Morehead is confident that Bitcoin price would reach again $20 000 by the end of this year. His bullish forecast comes up along  with many other renowned figures in the crypto space,

Earlier this month, Fundstrat Global Advisors cofounder Tom Lee emphasized again on the fact that Bitcoin price would reach $25 000 by the end of 2018. Even More the venture capitalist Tim Draper predicts BTC to reach $250 000 by 2022. In line with them and beyond a shadow of a doubt, McAfee claimed earlier this year via twitter that Bitcoin price would gear up to $1 million within two years:

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Meryam Taghouti

She is a BBA graduate from Tunis Business School, Her passion for the Blockchain Technology and cryptocurrencies has led her to research and write about the crypto world.

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