BTCBanker1

Bitcoin, Bearish Rising Wedge Forming

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
COINBASE:BTCUSD appears to be forming a bearish rising wedge on the 4 hours chart. If the rising wedge breaks and Bitcoin -3.97% falls below the green support zone , look out below.
Comment: Green support zone has broken, Bitcoin heading lower. First support comes from the top of the rising wedge in the $10,300 area, after that we are looking at approximately $8,300. To invalidate the intermediate downtrend we need to get back above the green zone.

On the longer term charts, the uptrend in Bitcoin is still very intact.

Comment: Bitcoin may now be forming a bullish falling wedge. If we breakout above the wedge resistance and make it above the green zone, we could see new highs.

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