We are reaching yet another resistance, the second highest one.
There are few reasons why this point is the critical area.
1. Resistance
BTC has been breaking the resistance by resistance ever since the dip.
We are at the second highest resistance. If we are able to break through this point, it could possibly signal that we are going to test the previous high, or even reach an all time high.
2. Rising Wedge
The rising wedge pattern has been developing some time, as few of the top publishers in Tradingview has mentioned.
We are now reaching the third leg of the Rising wedge.
By coincidence or not, The top trendline of the rising wedge is also touching the critical resistance that I have mentioned. This calls for confluence.
If we do have a pull back, It can complete the rising wedge and fall before we try to break through the resistance
Or, the rising wedge can fail and bounce off the support drawn in red, and break through the critical point.
There are few reasons why this point is the critical area.
1. Resistance
BTC has been breaking the resistance by resistance ever since the dip.
We are at the second highest resistance. If we are able to break through this point, it could possibly signal that we are going to test the previous high, or even reach an all time high.
2. Rising Wedge
The rising wedge pattern has been developing some time, as few of the top publishers in Tradingview has mentioned.
We are now reaching the third leg of the Rising wedge.
By coincidence or not, The top trendline of the rising wedge is also touching the critical resistance that I have mentioned. This calls for confluence.
If we do have a pull back, It can complete the rising wedge and fall before we try to break through the resistance
Or, the rising wedge can fail and bounce off the support drawn in red, and break through the critical point.
Trade closed manually:
Passed resistance.. Expecting all time highs..