Hi friends, hope you are well, and welcome to the new update on Bitcoin.
The rising wedge pattern is considered as most of the time a bearish reversal, but in the case of BTC, it is more often behaving opposite in this bull run.
Today the priceline is opened below the support of the rising wedge pattern, but we still have the support of daily 25 simple moving average and immediate support of 50 SMA as well.
The volume is also decreased and not supporting the breakdown so far.
We need to keep an eye on volume and the daily closing.
If the price action will be bounced from here then an imminent move to the resistance of the wedge, which is approximately $67K, is possible otherwise in case of a breakdown our 1st support will be $45K.
The rising wedge pattern is considered as most of the time a bearish reversal, but in the case of BTC, it is more often behaving opposite in this bull run.
Today the priceline is opened below the support of the rising wedge pattern, but we still have the support of daily 25 simple moving average and immediate support of 50 SMA as well.
The volume is also decreased and not supporting the breakdown so far.
We need to keep an eye on volume and the daily closing.
If the price action will be bounced from here then an imminent move to the resistance of the wedge, which is approximately $67K, is possible otherwise in case of a breakdown our 1st support will be $45K.