pennywise_the_sage

The wedge has eventually presented itself. Next stop: $11900.

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We see the wedge formation unfolding, breakout expected in next two days. Probably followed by next consolidation formation.

We are close to 6 months after halving, so the growth should slowly start accelerating. Slowly. Hodl tight!

Comment: Ladies and gentlemen, we have a breakout!

And, while the increase in buying power isn't that large (although it exists), we see right now a significant withdrawal of supply. The halving is starting to have an influence on supply at exchanges, albeit very slowly.

Comments

The trendline will hold when demand increases, thanks for sharing.
+1 Reply
@VincePrince, Yes, this is how these consolidation patterns work - supply and demand get into a "fight" until one overpowers the other. This (in case of upward breakout) may either mean that either demand increases or the supply runs out.
And otherway round if we get a downward breakout - which I currently do not expect.
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