Hi guys,
BTC is edging closer to the crossroads point, around $6,800.
Ascending wedge pattern is typically a bearish continuation signal but we could see bulls reject this and push beyond the first resistance channel.
If bulls achieve this, we could expect a throwback to the resistance, where BTC should then find support to continue uptrend (white line).
If bears win the battle, the ascending wedge pattern will also complete a bearish h&S pattern. Expect a rapid decline to the $6,000 / 5,800 support area below, before correcting.
BTC is edging closer to the crossroads point, around $6,800.
Ascending wedge pattern is typically a bearish continuation signal but we could see bulls reject this and push beyond the first resistance channel.
If bulls achieve this, we could expect a throwback to the resistance, where BTC should then find support to continue uptrend (white line).
If bears win the battle, the ascending wedge pattern will also complete a bearish h&S pattern. Expect a rapid decline to the $6,000 / 5,800 support area below, before correcting.