Bitcoin hasn't seen any major bullish price movement in the past couple of months. At press time BTC was trading at $7,175 nearly half of its yearly high of near $13,700. While many believed that the much-anticipated <a href="https://www.cryptoknowmics.com/crypto/bitcoins-post-halving-bull-run-can-generate-over-1000-returns/">bull run</a> would take charge towards the end of the year, the price of BTC kept on a declining proving market analysts point that Bitcoin would only consolidate in 2019 and pick up momentum either right before the halving or post halving.

Bitcoin formed a falling wedge pattern on the 24-hour price chart, indicating a possible bullish breakout in the upcoming month.
<h2><strong>1-Day Price Chart</strong></h2>
<img class="wp-image-153292 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2019/12/1.png" alt="" width="1804" /> Source: BTC/USD on <a href="https://www.tradingview.com/symbols/BTCUSD">TradingView</a>

On the 24-hour price chart, Bitcoin formed immediate support at $6,550 while it needs to breach the resistance of $7,800 to see its price move in green. The king coin formed a descending wedge or falling wedge pattern characterised by higher lows touching the wedge at $9,844, $9,417, and $7,571. The lower lows touched the wedge at $7,198, $6,778 and $6,403.

A falling wedge pattern is considered bullish as the breakout often occurs in an upward direction. Given Bitcoin is currently in consolidating phase, the chances of the bullish breakout are quite high in the long term.
<h2>Bitcoin's Market Sentiment Bullish</h2>
<img class="wp-image-153298 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2019/12/2.png" alt="" width="1804" /> Source: BTC/USD on <a href="https://www.tradingview.com/symbols/BTCUSD">TradingView</a>

The Bollinger Band indicator suggested that the volatility is at its lowest since October end, and might increase once the price candles breach the falling wedge pattern. The RSI indicator was moving at around a value of 46, which is balanced, given value of above 70 is considered bullish while a value of below 30 is considered bearish. The buying pressure is building in the market and might surge with the breach of the current descending wedge pattern.

The MACD indicator suggested bullish momentum in the market as the MACD indicator line (blue) went under a bullish cross-over on 18th December and has remained above the signal line since then indicating a bullish sentiment in the market.
<h2>Conclusion</h2>
The 1-day price chart analysis of Bitcoin suggested bullish momentum in the long run as key indicators like Bollinger band, RSI and MACD suggested the same. Bollinger band indicated decreasing volatility which might be followed by a volatile bullish price movement, the RSI indicator suggested building buying pressure in the market, while MACD remained bullish after the cross-over on 18th December. Thus, Bitcoin might see a price breakout in the coming month which is important given the block reward halving is not really far either.

Bitcoin's Breach Of Falling Wedge Pattern Can Trigger Bullish Momentum Before Halving

Bitcoin's falling wedge pattern formation is a bullish sign as a breakout might appear in coming months in upward direction.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Bitcoin's Breach Of Falling Wedge Pattern Can Trigger Bullish Momentum Before Halving

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