Bitcoin is trading very close to the $ 11,266 support.
The price could evolve within a descending wedge.
He is approaching the end of his correction
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The price of Bitcoin has started a missed rebound after reaching minor support of 11 266 $. After a possible short-term decline, it is expected to resume its upward movement.
Bitcoin is approaching support
On October 12, the BTC price peaked at $ 11,731. The latter combined with sizable bearish divergences in the two-hour RSI, in addition to preceding a large rally still in progress. During its decline, it slightly touched the support area of $ 11,266, which coincides with the 0.382 fibonacci level of the entire upward movement. The next support areas are between $ 10,981 and $ 11,124.
Yesterday, BTC price started a rebound but then immediately created a bearish recovery Japanese candlestick, causing a further fall towards its support zone.
Having said that, the MACD has started to move higher, which could signal that the price is preparing for another upward movement.
The shorter-term 30-minute chart shows that price could move into a downward wedge, although its resistance and support lines have not been sufficiently validated.
That said, the presence of the wedge and a possible advance is consistent with the rebound on support and the potential rise that would result from the MACD movement.
If the price breaks the wedge, the next resistance zones would be between $ 11,509 and $ 11,602.
In the analysis of October 14, it was written :
The price is currently in sub-wave 4, which is corrective (in red). Sub-wave 2 was found to be a rapid and deep retracement, going all the way to the fibonacci level 0.618. Due to an alternation, Subwave 4 is expected to be long and hollow, possibly ending near the fibonacci level at $ 12,261.
It appears that the price is still in wave 4 (underlined in red below), and is approaching the fibonacci level 0.382 again.
If the count is correct, the price could move up to $ 11,918 and $ 12,231 to complete Wave 5.
A decline below the top of Subwave 1, at $ 10,745, would cancel out this particular wave count.