dennisdaiber
Long

Falling Wedge BTC/USD

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin price remains trapped within a tightening range of a falling wedge . Statistically, 68% of the time falling wedge results in breakout to the upside and 32% to the downside. On top of that, this week we can clearly observe a bullish divergence on the daily RSI . With an 8% price decrease so far this month, the overall sentiment on the market seems bearish , especially in crypto community on Twitter . Yet, when the majority expect one outcome, the market tends to go the other way and technicals support that direction. Fibonacci retracement suggests that the next target to the upside is at around $9850 (38%), which is also there the falling wedge pattern started.
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