Rising Wedge forming on BTC
Bitcoin has entered into a bull market but this is only the start, it is looking like it is forming a rising wedge .
After consolidating on the RSI and MACD (possibly touch $8300-$7900) Bitcoin should push past 9k resistance to $9700. There will be a lot of FOMO at the $9700 mark and a lot of traders will not want to miss out. Expect to see a large amount of longs on bitMEX, liquidating the longs is what will cause the first big correction/drop in this bull market. When bitcoin corrects from these bullish moves there is usually a %40 pullback at which point we could see bitcoin drop to $5800 before continuing it's bullrun.
After consolidating on the RSI and MACD (possibly touch $8300-$7900) Bitcoin should push past 9k resistance to $9700. There will be a lot of FOMO at the $9700 mark and a lot of traders will not want to miss out. Expect to see a large amount of longs on bitMEX, liquidating the longs is what will cause the first big correction/drop in this bull market. When bitcoin corrects from these bullish moves there is usually a %40 pullback at which point we could see bitcoin drop to $5800 before continuing it's bullrun.
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