BITCOIN - Is It TIme Yet? 🧐

BTC is so very woven with trendlines. It becomes an intricate tapestry. Price movers are always aware of trendlines and dance the shakeout around them - as well as fibs, MAs, support and resistance etc etc.

Anyhow can see BTC is drifting out of the wedge here and getting involved with the dashed trendline which it has rejected from as well as rejecting from SOW in A resistance.

Following rejection it has collapsed back but has had strong buying pressure coming in from the upper wedge trendline which has formed a wicked fakeout piercing through the trendline with 40 min to go.

So now the question is whether BTC will collapse back into the wedge or drift sideways to form a reversal.

If price can climb above the dashed trendline and consolidate then I think the reversal is on.

Oversold alts look ready for a bounce and its interesting that as we can look to BTC for movement of alts, we can also look to alts for BTC.

Not advice.

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It will be interesting to see if there is any action around the next fib circle coming up start of Feb.

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in the wedge and straight out the other side with a big wick. This wedge is very much at the thin end now having contained price for months.. It going to have to break soon surely 😄.