Bitcoin was consolidating the past few days and we can now see some interesting patterns.
At the moment we have a macro rising wedge that served as resistance for the bulls. Today we broke the wedge and are trying to find support on it for further continuation.
Target of the breakout of the wedge is 22k.
If we fail to see continuation it is likely that this is a fakeout and we'll see bitcoin at lower levels.
While we saw 12k on December 10th, this was more of a dump than a real correction. So we need to keep in mind that BTC will correct. The question remains if that will be after another rally or after a possible fakeout of this wedge.
For buying at the correction we may look at the 11.5k and 8k levels for support.
Good luck!
At the moment we have a macro rising wedge that served as resistance for the bulls. Today we broke the wedge and are trying to find support on it for further continuation.
Target of the breakout of the wedge is 22k.
If we fail to see continuation it is likely that this is a fakeout and we'll see bitcoin at lower levels.
While we saw 12k on December 10th, this was more of a dump than a real correction. So we need to keep in mind that BTC will correct. The question remains if that will be after another rally or after a possible fakeout of this wedge.
For buying at the correction we may look at the 11.5k and 8k levels for support.
Good luck!
Trade active:
First one was a fakeout, but now we broke the wedge. Momentum seems strong. targets are 20 / 22 / 23.5 k for BTC now