Here Is How The Major Wedge In Bitcoin Can Confirm Soon!

Hello, Traders Investors And Community, welcome to this update-analysis about the current situation with bitcoin and what we can expect from the next time. The last hours and days we saw bitcoin bouncing several times at the 10.000 USD which is an significant psychological level in the current structure, as you can see bitcoin bounced several times to the downside from that level, therefore, we need to have a smart trading-plan in the actual market situation. As I already mentioned in past analysis bitcoin is building and huge and massive broadening wedge for several months now which is when confirmed an high explosive rocket which will bring good volatility in the middle run but first we have to confirm it properly to realize the overall target in the range.

As you can see in my chart when zooming in bitcoin is trading at an important falling resistance-line which is actually also the higher boundary of the overall wedge formation. At the moment we have still resistance there which can indicate a smaller or bigger pull-back at this level, the importance her is not the pull-back and how fast it will be but the fact that we need to cross above the huge falling resistance level with good volatility and volume to confirm the wedge, therefore, it is important for bitcoin to hold the range above the 8200 USD level which you can see marked in my chart in grey, this level is extremely important because when we do not hold it the possibility for bearish pressure to the downside increases and lower levels will highly likely be seen.

The overall fact that we still hold the level for several days here makes it extremely bullish because we didn't have this in the past where bitcoin just touched the 10.000 level and then turning down fast or where bitcoin touched the level and after that formed one lower low after the other, in this case the consolidation in this level looks completely different and is more bullish than bearish and this bullishness will finally be confirmed when the broadening wedge and currently consolidation range crosses above. The first target which you see in my chart between 12300 and 13800 will be in play than after this was reached bitcoin has definitely more room to go after we confirm the next moves to the upside because it will trade in bullish spheres in this case.

Thanks for watching, support for more market insight, and all the best.
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In this manner: FAREWELL

Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: This has been such a perfect completion of the gigantic broadening wedge formation that BITCOIN formed.

BITCOIN even accelerated above the target zone and developed major uptrend conditions confirming new zones of bullish extensions.