BTC is on the verge of testing a long time downward trend. I've drawn a wedge with the bottom consisting of it's all time growth trend and the top it's current downward trend. We are closing in on the end of the wedge, which means decision time. Very rarely does the price go into the end of the wedge. It usually breaks up or down before that point.
We are currently pushing towards a test of the down trend. When it touches that downward trend it will either pop up through in a burst of trading momentum or the bears will have their way and force it back down into the channel.
Using the moving averages the 50 day MA has already crossed the 100 day MA (golden cross formation) and is a bullish signal. They are both heading towards the 200 day MA. Potential to form another golden cross there as well? Possibly. If it does that will further the bullish signals.
Look for a breakout soon or a rejection at that downward trend line. Trade opportunity as soon as it breaks through.
Happy trading.
We are currently pushing towards a test of the down trend. When it touches that downward trend it will either pop up through in a burst of trading momentum or the bears will have their way and force it back down into the channel.
Using the moving averages the 50 day MA has already crossed the 100 day MA (golden cross formation) and is a bullish signal. They are both heading towards the 200 day MA. Potential to form another golden cross there as well? Possibly. If it does that will further the bullish signals.
Look for a breakout soon or a rejection at that downward trend line. Trade opportunity as soon as it breaks through.
Happy trading.