- Bitcoin settles in a narrow range between $7,800 – $7,700.
- The formation of a rising wedge pattern hints a breakdown towards $7,000.
The cryptocurrency market is mostly in the red on Saturday. However, Bitcoin bulls are flexing their muscles in readiness for a barrier breaking mission to $8,000. The price is up a subtle 0.14% on the day after correcting from the opening of $7,757 to the current market value of $7,761.
The immediate upside is limited by the resistance at $7,800. Although, Bitcoin hit highs around $7,879 on Friday before retracement kicked in. Bitcoin is also trading in the apex of a rising wedge pattern which hints a breakdown towards $8,000. To avert the impact of the wedge pattern Bitcoin must correct above $8,000.
The Relative Strength Index (RSI) is horizontal above 60, showing a possibly extended sideways trading. The downside is protected by the 50 SMA on the 1-hiur chart at $7,600 and the 100 SMA at $7,400. Other key support levels to keep in mind include $7,200, $7,000, $6,800 and $6,500.
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