Small rising wedge within a larger falling wedge

BTC is currently ending it rise within an small time-frame rising wedge (yellow lines). A high probability scenario is a fall to around $6k or lower. In a larger time-frame, BTC is descending within a larger falling wedge (purple lines), which could in theory bring the price below $5k, but we should first wait and see the further price action before we jump to conclusions. If we take out the February low and we bounce forcefully, I would turn bullish for at least a couple of weeks.

In a longer term, if we manage to cross the main downward trend line (orange line on the chart, starting at the ATH ) and bounce from it, that would be a great bullish sign.


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