After increasing considerably on June 22, the Bitcoin price decreased slightly the next day. It has just broken down from a symmetrical triangle but it seems likely to continue its upward movement.

At the time of writing, the BTC price had fallen under $9,400 after opening the day at $9,600. It is possibly finishing wave four of a five-wave Elliott formation.

Current Bitcoin Support

The Bitcoin price has been increasing since June 20, when it reached a high of $9,170. The movement since then resembles a five-wave Elliott formation, inside which the price is currently in the fourth wave. Furthermore, the price seems to be in the middle of an ascending parallel channel, making this a very likely place for the fourth wave to end.

A possible target for the end of the fifth wave would be at $9,980, which would be the length of the third wave projected at the bottom of the fourth.

Bitcoin Wave Count
Bitcoin Chart By Tradingview

Looking at a slightly longer period, we can see that there is a horizontal support/resistance zone around $9,540.

Furthermore, the 50 and 200-hour moving averages (MA) have made a bullish cross, and the price is trading above the latter. This makes it more likely that the price will reverse from the current level.

Bitcoin Hourly Chart
Bitcoin Chart By Tradingview

Long-Term Movement

Looking at a slightly longer-term chart, we can see considerable resistance at $9,900 and $10,050. Furthermore, it is possible that the price is trading inside an ascending wedge, the resistance line of which will soon coincide with the $9,900 area.

Therefore, this would be the most likely reversal area, after which a breakdown from the ascending wedge would be expected.

Bitcoin Long-Term Wedge
Bitcoin Chart By Tradingview

To conclude, the Bitcoin price is trading inside a strong support area, which is expected to initiate a bounce towards $9,900.

For our previous analysis, click here.

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Source: Be In Crypto