BTCUSD appears to be forming a bearish rising wedge on the 4 hours chart. If the rising wedge breaks and Bitcoin -3.97% falls below the green support zone , look out below.Note
Green support zone has broken, Bitcoin heading lower. First support comes from the top of the rising wedge in the $10,300 area, after that we are looking at approximately $8,300. To invalidate the intermediate downtrend we need to get back above the green zone. On the longer term charts, the uptrend in Bitcoin is still very intact.
Note
Bitcoin may now be forming a bullish falling wedge. If we breakout above the wedge resistance and make it above the green zone, we could see new highs.
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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.