Rising Wedge already done! Time to BUY BTC ?The Rising Wedge pattern has reached its target at 80% completion. The decline has actually touched the white shaded area marked as "exp stronger demand area 2," although the decline in this zone was relatively rapid and short-lived. Overall, I believe the downward trend in this Rising Wedge is likely limited. Even if a decline does occur, the swing low might open the opportunity for a double bottom pole position, triggering a stronger rally.
On the other hand, take a look at the RSI I marked! In previous periods, it was clear that every time the price began to saturate or become oversold, the RSI would cross over the moving averages, indicating a gradual price increase. This wasn't just one example, but also several other examples in the past.
Now, check the arrow marked on the current RSI and the current price. The RSI is starting to show signs of an impending crossover with the yellow moving average. Although the crossover hasn't officially occurred, it may be the first sign needed for the gradual start of an upward phase. Of course, the assumption of the white area as an alternative demand area is considered in the 73,624-80,277 zone, or the current area in the yellow shaded zone, around 86,491-92,829. As a safety measure, a stop-loss should be placed below the 69,666 support level, which previously served as resistance for the Cup & Handle pattern.
Caution!
Given that BTC is considered a risky asset, it is important to ensure a conducive environment for risk assets to rise, such as economic stability, expectations of interest rate cuts, or calm geopolitics. Otherwise, the bullish scenario is likely to fail!
Long
