Bitcoin Price Technical Analysis for 11/07/2016 – Watch Out for the Wedge!

Bitcoin price is consolidating in a rising wedge pattern and the direction of its breakout could set the tone for long-term movement.
Bitcoin Price Key Highlights
Bitcoin price recently broke to the downside of its short-term uptrend, signaling a reversal underway. Price is stuck in consolidation for the time being, as traders have been booking profits from the previous drop and waiting for more cues. A break below the rising wedge pattern could confirm that longer-term losses are in the cards. Bitcoin price is consolidating in a rising wedge pattern and the direction of its breakout could set the tone for long-term movement.

This post was published at NewsBTC on November 7th, 2016.

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