BTC is in an extremely delicate spot right now. It's tracing a short-term Rising Wedge within a longer-term Broadening Wedge. If we don't quickly break out North of the rising wedge, then it's difficult to see any situation where we don't break south towards the baseline of the Broadening Wedge.
A strong positive breakout from the Rising Wedge puts us firmly beyond 12k and back into Bull Territory. It's more likely, however, that we fall south of the Rising Wedge and drop into the 10.4k range before hopefully finding a supportive bounce at the bottom of the Long-Term Broadening Wedge.
Good luck everyone!
A strong positive breakout from the Rising Wedge puts us firmly beyond 12k and back into Bull Territory. It's more likely, however, that we fall south of the Rising Wedge and drop into the 10.4k range before hopefully finding a supportive bounce at the bottom of the Long-Term Broadening Wedge.
Good luck everyone!
Comment:
You did it BTC! The Rising Wedge has been broken to the positive side. The next major barrier will be breaking 12k, and after that it's off to the races! March will bring the return of Bull Season for BTC!