BITCOIN | What Do You Need To Know Before Trading Bitcoin?

What Do You Need To Know Before Trading Bitcoin?

BITCOIN: A Perfect Clone of the Wedges, But Upside Down

From April-21 Bitcoin is moving within a wide corrective pattern.

The range of the price movement is located within 31K and 67K

1. At the mid of April-21, the price completed a "Rising Wedge" Pattern.
After the price broke out of the wedge it made a pullback.

2. Actually, at the end of January-22, the price completed a "Falling Wedge" Pattern
at the bottom of the bigger support structure. Very nice confluence area.
The price broke out and we can see also a deep pullback.

These Two Reversal patterns are being cloned in a perfect way for the time being but
they are only Upside Down compared with each other.

So the next movement should be aggressive and bullish.


Fundamental Perspective:
In fact, from a fundamental point of view, we also have the problem of the war between Ukraine and Russia.
The speculation with the development of the talks is putting pressure on almost all financial instruments,
as various news are coming out hour by hour.

However, given that during these days the problem of war seems to be overwhelmed by market participants
and everyone is focused on positive developments between the countries involved in this war, it can be seen
that fear and panic are still very high. This can very well be seen as the price is already at the bottom
of the support area near 31K.

From a technical point of view, we should see it moving back up with
the first target 51K and the next 66K.
However, we can never predict when the price should be back in those areas.

Thank you for reading!