This occurred right after dipping low to the nine thousand four hundred dollars ($9,400) just as September began. Bitcoin (BTC) has thus been on the decline in a falling wedge pattern and is thought to repeat history.
Bitcoin price analysis: Short-term
The falling wedge starts in the short-term chart right after the instance Bitcoin price rose to the near- eleven thousand dollars ($11,000) mark.
The relative strength index (RSI) could use some push as it maps low lowers on the chart for the last ten (10) days.
Bitcoin price is not bearish because the price hasn’t seen an abrupt downfall and neither have the volumes decreased, in fact, compared to August, the volumes have been increasing. While the volume levels are good, the spikes indicate selling as the best option currently available on the table.
A build-up of buying pressure is just what is needed if Bitcoin price is to push past the ten thousand five hundred dollars ($10,500) break-out point.
The crossover of the two hundred (200) exponential moving average (EMA) and the fifty (50) simple moving average (SMA) gives more proof of a declining trend ensuing within the falling wedge.
Bitcoin price analysis: Medium-term
The BTC/USD pair finds itself in the asymmetrical triangle pattern that kicked off due to abnormal volume behavior shown by BTC in June. Three higher highs and lower lows can be seen.
The earmarking values range from the low at nine thousand one hundred and fifty dollars ($9,150) to the high of thirteen thousand nine hundred dollars ($13,900). We have the 200 EMA acting as a strong support mark for Bitcoin prince if the range low doesn’t hold.
The overhead resistance line at ten thousand five hundred dollars ($10,500) marks the breakout zone. Most likely, BTC will move North to ten thousand seven hundred dollars ($10,700).
If this happens, we will experience a major surge in volumes causing BTC to test the range high at thirteen thousand nine hundred dollars ($13,900) and maybe, create a new yearly high.
If BTC heads south, the key support levels are at eight thousand eight hundred dollars ($8,800) below which come eight thousand two hundred dollars ($8,200).
If the price continues to moves to lower ground, we will have seven thousand five hundred dollars support ($7,500) and near it a seven thousand one hundred and fifty dollars ($7,150) support mark.
These areas will prove to be short rebound pockets for traders, not offering much but helping them keep the change.