The price of bitcoin is consolidated within the emerging ascending wedge, expecting further factors that could affect its movements in the long term.
The 100-hour SMA is still over 200-hour, saying that the path of least resistance lies through the top, and the bullish trend will continue rather than stop. These moving averages also go along with the level of support for the ascending wedge, which makes this mark a serious level of support.
But the relative strength index and the stochastic oscillator talk about something else: they did not have time to reach the overbought zone, and the bearish pressure is already increasing. Both indicators began to go down, signaling that bears have a chance to win.
Market factors
The price of the main crypto currency is "feeling confident" mostly thanks to the decision of SEC to reconsider the rejection of 9 bitcoin-ETFs. The commission noted that the refusal to change the rules in the legislation is related to a high level of manipulation and fraud on the cryptocurrency market. But not everything is so straightforward, because the commission is open for proposals.
Next month, it will have to consider a number of applications for Bitcoin-ETF. Any news regarding the possible approval of bitcoin-ETF, can spur the price, followed with the entire cryptocurrency market growth.
