Bitcoin trades in a range of $ 11,200 to $ 12,050.
The price follows a short term ascending support line.
BTC is probably in sub-wave 4 of a five wave formation
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The price of Crypto Engine evolves slightly above the support area of a trading range. As long as it remains above this area, the trend is considered upward.
Bitcoin moves in a range of $ 11,200 to $ 12,050. On October 12, BTC created a candlestick with long wicks on either side. The lower wick served to validate the $ 11,200 area as support.
Bitcoin bullish trading range
Although the court declined slightly on October 13, it did not close below the opening yesterday and is still moving significantly above the $ 11,200 zone.
Technical indicators in the daily timescale are bullish. MACD, RSI and Stochastic Oscillator are all up. The RSI and the Stochastic Oscillator are above 50, and the MACD is positive.
The 2-hour BTC chart shows that the price generated considerable bearish divergence on October 12 when it peaked at $ 11,731. There followed a decline that practically validated the 0.382 fibonacci level of the upward movement, located at $ 11,266.
The $ 11,266 area is minor support. If the price goes below this zone, it would cause a fall towards the fibonacci levels 0.5 to 0.618, or between $ 10,981 and $ 11,124.
The MACD has started to gain momentum, however. This suggests that the price could be preparing to resume its upward movement.
The shorter-term, 30-minute chart shows the importance of the $ 11,450 area. The latter has acted alternately as resistance and support since October 11.
This morning, the price deviated above the area before falling below. This area is now expected to provide resistance.
If price crosses below the current ascending support line, it is likely to re-validate minor support at $ 11,266 and possibly fall to fibonacci levels 0.5 to 0.618.
If it crosses the $ 11,450 area and validates it as support, it would indicate that the price could move higher.