This week we expect some good returns on trading bitcoin. The movement has been inconsistent and sideways. We expect that we use smaller time frames to get a few coins in our favour.
From the chart below, we see that bitcoin is moving within a wedge and will need to break out from this pattern to see great movements to either the upside or downside.
This wedge shows that bitcoin price is getting exhausted and may soon be controlled by either the sellers or buyers.
If you look at the MACD movements also, you notice the sideways movement progressively as it diminishes towards the wedge.
For this week, it’s best to wait for the breakout from the wedge before a proper entry can be planned. If it breaks above the upper white line of the wedge then wait for the retest of the same line or the nearest resistance before making an entry.
To see this concept explained in full for your better understanding, you can watch the video attached above.
Looking at the technical indicators:
- Major Support Level – $9,987