#BTC is getting ready for the Big move!!

BINANCE:BTCUSDT   Bitcoin / TetherUS
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BTC is forming this big falling wedge pattern

what is falling wedge pattern

The falling wedge is a bullish pattern. Together with the rising wedge formation, these two create a powerful pattern that signals a change in the trend direction. In general, a falling wedge pattern is considered to be a reversal pattern, although there are examples when it facilitates a continuation of the same trend.

*BTC Need to Clear the 18,500 Resistance to Confirm the Falling Wedge Breakout

* RSI is also sowing some bullish divergences move

*If it conform this pattern then according to the pattern we will see good bounce
Stay tuned I will keep updating

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$BTC bulltrap to $18K followed by a crash


BTC bounced with a good volume after doing breakout of the descending trendline and POC level.

The bulls are showing strength and attempting to break horizontal resistance. An effective breakout above it will affirm a push toward $18,200.

In case of rejection, a retest of the POC level or of the marked descending trendline could be a potential situation.
Traders Still Selling in Losses
Short-term on-chain participants continue to sell in losses (short-term SOPR < 1). Such lack of faith gives rise to a strong resistance at 18k, the rough average cost of entry for short-term participants. With yield curve inversions often preceding recessions and the current 10-year Treasury rate (3.75%) below the 3-month rate (4.22%), I would be careful once the 18k level is reached.

Note (short-term SOPR vs. aSOPR):
Given all participants who bought after December 2020 are now in loss, it's tough for long-term holder SOPR to turn back to a positive trend anytime soon. As a result, short-term SOPR becomes a more informational and dynamic metric compared to aSOPR/SOPR under current market conditions (aSOPR/SOPR combines both long-term and short-term data).


BTC got rejected from $17k level and currently trading below it. We have $16.6k-$16.8k level as local support.

There is a high chance that BTC holds this level and bounced from here. In case it does not hold and break below the $16.6k area then our next major support area is around the $16k level.

But as long as we stay above the $16.5k level, everything is fine and we can expect a higher rally.

Stay tuned I will keep updating.

#BTCUSDT :- No changes, nothing to update


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