BTC/USD - 4H Wedge - $7000-$7200 is key for a bullish run
Updated
Fact: The Sell pressure decreased in the last week or so. Even the last significant dump ( obviously another price manipulation) didn't push the price back to previous support.
Fact: Multiple alt coins show huge bullish signs and since in the next weeks new important updates will come we should expect more people to join the party by purchasing Bitcoin first.
Fact: The Market cap found support in the last 10 days around 250 bln.
Fact: The news are all bullish. Top managers leave banks to join crypto world, people are buying despite Gov fighting it ( see Canada and India), the tech is growing rapidly and there are more and more projects with cool fundamentals.
On the 4H Chart we have lower highs and higher lows and a strong horizontal level between 7k and 7.2k.
If on the next few days ( despite the Tax period in US) the price breaks the wedge and with volume the above mentioned level, I am confident that we can see some bullish action.
While I still believe we would need a double bottom on Daily ( with Feb 6) in order to have a healthy bullish ride, this 6.6k level was tested multiple times in the last few weeks.
Comment
Unless massive sell-off will happen tomorrow we might see the price testing the trend line. Bigger volume is needed to break it vigorouslyComment
Which is exactly what happened :) Let's see if the price goes now up to 8.5k+ or just under retesting 7.5k.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.