🔥 Bitcoin Potential Reversal: Bullish Wedge
Bitcoin saw a huge bearish move over the last two days. In my previous Bitcoin analysis I saw the $48.5k break out as the start of a new push upward, which in the end was a local top.
The Chinese housing crisis is perceived as a potential catalyst for a bigger sell-off. Naturally, investors deleveraged their positions, resulting in the current state of the market.
As it seems now, BTC has found (temporary) support near the first bottom trend line. Assuming this trend liner will hold, we could see a nice reversal towards the top trend line. This bullish wedge pattern will, classically, lead to a bullish reversal. This could already occur by the end of September.
On the other hand, if the stock market will see more losses this week, we could fall further. The main support for a continued bearish move would be the second bottom trend line.
Happy trading!
The Chinese housing crisis is perceived as a potential catalyst for a bigger sell-off. Naturally, investors deleveraged their positions, resulting in the current state of the market.
As it seems now, BTC has found (temporary) support near the first bottom trend line. Assuming this trend liner will hold, we could see a nice reversal towards the top trend line. This bullish wedge pattern will, classically, lead to a bullish reversal. This could already occur by the end of September.
On the other hand, if the stock market will see more losses this week, we could fall further. The main support for a continued bearish move would be the second bottom trend line.
Happy trading!
Comment:
Price fell right through first support. Now second support has to hold.
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