Hello Friends,
Bitcoin's pump up to the $8,940 level has created a ceiling for an ascending wedge.
If Bitcoin plays out this pattern, we're seeing a drop to the base of the wedge around $6,625, revisiting the steep dip of price back on the 16th of May.
This will then prolong the climb back up to $9,000 and higher.
The positive side of this will be the ability to accumulate Bitcoin from the base or $6,625 level. Mind you that Bitcoin, at this dip to these level, will be very quick and will be bought up very fast.
If Bitcoin breaks out of the upper resistance line, the ceiling of the ascending wedge, then the bull trend continues and we'll go past $9,000 and the first level will be at $9,650 to $9,800.
Be watchful!
Place your stops at the appropriate levels.
Happy Trading
Bitcoin's pump up to the $8,940 level has created a ceiling for an ascending wedge.
If Bitcoin plays out this pattern, we're seeing a drop to the base of the wedge around $6,625, revisiting the steep dip of price back on the 16th of May.
This will then prolong the climb back up to $9,000 and higher.
The positive side of this will be the ability to accumulate Bitcoin from the base or $6,625 level. Mind you that Bitcoin, at this dip to these level, will be very quick and will be bought up very fast.
If Bitcoin breaks out of the upper resistance line, the ceiling of the ascending wedge, then the bull trend continues and we'll go past $9,000 and the first level will be at $9,650 to $9,800.
Be watchful!
Place your stops at the appropriate levels.
Happy Trading
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