Bitcoin is showing some clear price actions again
After another impulse to the downside, BTC looks like it's slowly recovering, We can't still say it's back on track with a strong bullish trend again. But it gave opportunities for some longs.
After the breakout of the descending wedge, it was forming in the lower time frames, we could see a nice push to the upside. But how long it would continue? Well if we draw Fibonacci retracement from the lower high to the lower low, we can see the golden pocket(61.70%) is still untouched, it comes around 45k to 45.5k. And the price is currently moving in an ascending wedge to that level. For those who don't know about ascending wedge, It's a bearish pattern that signals an imminent breakout to the downside. If we are again heading to the downside, continuing the short-term bearishness, the reversal could be from there. And breaking that level to the upside and also the lower high would be considered as a bullish sign. So pay close attention to the price actions in these zones.
After the breakout of the descending wedge, it was forming in the lower time frames, we could see a nice push to the upside. But how long it would continue? Well if we draw Fibonacci retracement from the lower high to the lower low, we can see the golden pocket(61.70%) is still untouched, it comes around 45k to 45.5k. And the price is currently moving in an ascending wedge to that level. For those who don't know about ascending wedge, It's a bearish pattern that signals an imminent breakout to the downside. If we are again heading to the downside, continuing the short-term bearishness, the reversal could be from there. And breaking that level to the upside and also the lower high would be considered as a bullish sign. So pay close attention to the price actions in these zones.
There is more than a 70% chance of a descending channel breaking to the upside. So even if we see small bearishness now. Eventually, the price may break to the upside.