Hello dear friends!
An interesting picture of Bitcoin's price movement! What are your thoughts?
It certainly resembles a rising wedge, doesn't it?
But what exactly is a rising wedge? A rising wedge is a pattern that develops on chart due to a narrowing amplitude.
If you connect the highs and lows with lines, they'll form an imaginary angle that gradually narrows. Moreover, this angle needs to have a positive slope, creating an upward-pointing corner, indicative of an uptrend.
A rising wedge serves as a bearish reversal pattern. Typically, it marks a reversal of an ongoing uptrend, although exceptions exist. There are instances where the rising wedge extends the trend. If a downtrend occurred before the wedge, the price declines after the wedge, effectively continuing the trend. Nonetheless, it's crucial to remember that post-rising wedge, a price decline tends to follow.
The rising wedge is a relatively uncommon pattern and isn't easily identifiable. Despite the apparent balance between bulls and bears, the narrowing of the wedge corridor suggests that supply is prevailing. Ultimately, buyers capitulate, and sellers gain control of the market.
If we presume this to be a rising wedge, then in the medium term, a significant price drop to $20,000 could be anticipated. Prior to that, a potential price retracement to the $28,000 level might occur.
What's your take on this Bitcoin price movement? Feel free to share your insights and analysis!
Your Kateryna💙💛
An interesting picture of Bitcoin's price movement! What are your thoughts?
It certainly resembles a rising wedge, doesn't it?
If you connect the highs and lows with lines, they'll form an imaginary angle that gradually narrows. Moreover, this angle needs to have a positive slope, creating an upward-pointing corner, indicative of an uptrend.
A rising wedge serves as a bearish reversal pattern. Typically, it marks a reversal of an ongoing uptrend, although exceptions exist. There are instances where the rising wedge extends the trend. If a downtrend occurred before the wedge, the price declines after the wedge, effectively continuing the trend. Nonetheless, it's crucial to remember that post-rising wedge, a price decline tends to follow.
The rising wedge is a relatively uncommon pattern and isn't easily identifiable. Despite the apparent balance between bulls and bears, the narrowing of the wedge corridor suggests that supply is prevailing. Ultimately, buyers capitulate, and sellers gain control of the market.
If we presume this to be a rising wedge, then in the medium term, a significant price drop to $20,000 could be anticipated. Prior to that, a potential price retracement to the $28,000 level might occur.
What's your take on this Bitcoin price movement? Feel free to share your insights and analysis!
Your Kateryna💙💛
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Join me in👇🏻:
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💰 I'm using Bybit and I highly recommend it to You. By using my link - You'll get a nice bonus
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