After that intense fall from above 12000, Bitcoin has bottomed at it reliable long-term trending support. A rising wedge was formed, which broke on Saturday. Now, BTC appears to have formed a second, longer rising wedge.
This rising wedge will fail in the next week and we will likely see BTC retrace to its support at around 10050. After this point, BTC looks set to attempt another run towards 12000.
Note: I do not expect a breakout above 12000. As others have noted, BTC is in a long-term consolidation phase an will probably not test its 2019 high until September at least.
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This rising wedge will fail in the next week and we will likely see BTC retrace to its support at around 10050. After this point, BTC looks set to attempt another run towards 12000.
Note: I do not expect a breakout above 12000. As others have noted, BTC is in a long-term consolidation phase an will probably not test its 2019 high until September at least.
I hope you’ve enjoyed my post. If you have, feel free to ‘like.’ If you disagree, or have anything to add, please share your thoughts.