BTCUSD Bitcoin : "Falling wedge" and what's next! 23.6
Practicality, simplicity and logic.
Lack of emotion in trading fused with the ability to see pure rational and logic is crucial.
A classical reversal "falling wedge" is appearing on the chart with connecting lows and highs of the last close to 12 month of trading.
The range of the wedge currently stands between 17,500 to 31,000.
The more likely scenario is a resistance breakout and resume of upward trend, meaning current target and target to break is 31,000 for full on up-trend to be back and a new high within reach.
This may take a lengthy period of time of weeks to months.
The less likely scenario is a drop below 17,500 which could take Bitcoin back to 12,000 horizontal support stretching back to 2017.
Bitcoin is capped to 21,000,000 coins and currently stands at 19,000,000.
Once supply is capped , what is the endgame for Bitcoin?
Today roughly 11% of the population holds crypto, once the percentage hits 50% , what do you think the price of Bitcoin would be considering no more coins can be mined?
Recession, inflation and so forth give the Bitcoin potential to be huge.
With descending trust in banking and conventional currency, which the last 2 years significantly exposed with trillions of USD printed, cheap endless credit globally and an overall aging monetary system.
The short-term may prove to be low risk high reward territory.
17,500 immediate support, compared to 31,000 target - 20,000 at the moment of writing this.
Trade with caution!
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Thank you so much for reading! I hope this proved to be useful, if so - I would appreciate a like and follow :)
Any comments and questions are welcomed, looking forward to answer them all.
I am not a financial advisor and encourage you to do your own research before trading.
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Lack of emotion in trading fused with the ability to see pure rational and logic is crucial.
A classical reversal "falling wedge" is appearing on the chart with connecting lows and highs of the last close to 12 month of trading.
The range of the wedge currently stands between 17,500 to 31,000.
The more likely scenario is a resistance breakout and resume of upward trend, meaning current target and target to break is 31,000 for full on up-trend to be back and a new high within reach.
This may take a lengthy period of time of weeks to months.
The less likely scenario is a drop below 17,500 which could take Bitcoin back to 12,000 horizontal support stretching back to 2017.
Bitcoin is capped to 21,000,000 coins and currently stands at 19,000,000.
Once supply is capped , what is the endgame for Bitcoin?
Today roughly 11% of the population holds crypto, once the percentage hits 50% , what do you think the price of Bitcoin would be considering no more coins can be mined?
Recession, inflation and so forth give the Bitcoin potential to be huge.
With descending trust in banking and conventional currency, which the last 2 years significantly exposed with trillions of USD printed, cheap endless credit globally and an overall aging monetary system.
The short-term may prove to be low risk high reward territory.
17,500 immediate support, compared to 31,000 target - 20,000 at the moment of writing this.
Trade with caution!
--------------------------------------------------------------------------------------------------------------------------------
Thank you so much for reading! I hope this proved to be useful, if so - I would appreciate a like and follow :)
Any comments and questions are welcomed, looking forward to answer them all.
I am not a financial advisor and encourage you to do your own research before trading.
--------------------------------------------------------------------------------------------------------------------------------
Trade closed: target reached:
Price went from floor of wedge to peak of wedge and kept above.
