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Bitcoin price analysis: Reignites uptrend; classic rising wedge pattern spotted

3 min read

  • Bitcoin price jumps over 2% on the day, leading to a slightly bullish trend in the market.
  • A breakout towards $6,500 and eventually $6,600 is expected in the medium-term, on the flipside, $6,400 is a short-term support.

The crypto market is slightly bullish on Monday 13 but only for selected digital assets. As for Bitcoin (BTC), the weekend trading has been somehow progressive. For instance, it recovered from trading slightly above $6,050 and exchanged hands marginally above $6,440. There was another slide to $6,200 but the buyers entered leading to a pullback above $6,300.

Bitcoin price had been pivotal at the 61.8% Fib retracement level taken between the highs of $6,479 and the lows of $6,068 around $6,322.20. However, there has been another breakout today at 06:00, which has seen BTC/USD retrace the steps above $6,400. The trend is strongly bullish at the time of press. Besides, the Bulls have their eyes locked on $6,500 in the near-term.

The stochastic on the 15-minutes chart is pointing upwards and heading further into the overbought levels. Similarly, the 50 SMA is above the 100-day simple moving average, confirming that the bulls have the control at the moment. BTC/USD is facing immediate resistance at $6,440, while the upper supply zone at $6,459.60 is the key resistance. Further up, $6,500 is the ultimate intraday resistance in the medium term. But a break above this level will curve a path towards the critical $6,600. Significantly, there is a rising wedge pattern forming on the same chart.

On the flip side, there is a short-term support forming above $6,400 but $6,360 and the 61.8% (pivotal former resistance level) will work as strong support areas in the event declines progress below $6,400.

BTC/USD 15-minutes chart

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