The price took a ~2% drop this morning but found support at the dominant trend line. This is a crucial zone for the support (highlighted blue) to hold given that we are very close to the descending trend line of this wedge.
I am certain that the future of Bitcoin is bright, but anyone who has spent time in this market knows it loves to stop hunt. We could see a false breakdown that sparks a panic sale dipping the price to the 8k area. If support breaks this is a likely possibility.
However, it would seem that the macroeconomic direction for BTC upward. Most of the metrics used to measure the fundamental strength of Bitcoin are glaringly positive.
So keep an eye on the market because big moves are on the horizon once we break out of this wedge formation.
Happy Trading!!
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I am certain that the future of Bitcoin is bright, but anyone who has spent time in this market knows it loves to stop hunt. We could see a false breakdown that sparks a panic sale dipping the price to the 8k area. If support breaks this is a likely possibility.
However, it would seem that the macroeconomic direction for BTC upward. Most of the metrics used to measure the fundamental strength of Bitcoin are glaringly positive.
So keep an eye on the market because big moves are on the horizon once we break out of this wedge formation.
Happy Trading!!
Like, Comment and Subscribe!