Rising wedge results in a drop in market. We are almost at the top of that wedge closing in, and soon we will see a drop off in price. I suspect we will drop through the current supports (IN YELLOW), and find stronger support at 6200, and 6000 levels. I don't think we will break below these supports, and it would be a strong accumulation area to buy back in.
We will wiggle up and down in this rising wedge, and it is possible to go a bit higher out of the wedge for a fake break out to secure more people to be locked in, and we will break down afterwards. This is what whales want and need. I assume the whales did not find what they were looking for near the $8000 price hike, and now they are trying to secure more people locked into longs. Check out the volume very low not so great compared to last ATH bull run. It's very clear and actually great if we DO see a pull back because it's healthy for the future growth. Whales know this, smart investors know this, and you should know this too if you're not one of the prior two mentioned.
this is for educational purposes only not meant to be used as advice for making trades.
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Looks like we broke downwards!
Bounced off of the 8000 support, but bear flag still forming. I suspect we will break the 8000 resistance soon, and after that there isn't much left to hold us up and I still strongly think we will land somewhere in the 6000 to 7000 range before we bounce up again.
I'm always bullish on bitcoin, but this movement here is clearly bearish lets look at the TA and judge accordingly.