Descending wedge will be short-lived

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is afraid to move right now and seems to be steadily descending into a tight wedge which will no doubt break soon, presumably to the upside where it will meet the medium term downtrend.

Indicators look good and a confluence of factors lead me to believe this medium downtrend, too, will break, including the approach of the full supermoon and positive fundamentals. Whatever bearish action may have been sparked by mildly bad news recently seems to be dying down and realistically, it's either this or a major move downward, which I don't see as realistic due to the market confidence that has held us up thus far.

Next target is just over 600. Enter just above the wedge and exit at target and wait for further confirmation of a bullish breakout.


Well it almost broke yesterday with BTCe going up to 583. It doesn't take much to overcome the RSI downtrend in the next few hour xD
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out