BTC: Could it be a falling wedge?
Updated
BTC looks like it is creating a falling wedge on the daily time frame. Every time BTC has been rejected from the lower wedge trendline it did so with a decent, above-average volume leading to a price increase. Although BTC did create lower lows for the past weeks, RSI made higher lows, which can be understood as bullish divergence.
Medium-term, BTC might print a wick down to around 28k USD, which might then be followed by a price increase up until the upper trendline at around 32k. Upon breaking and successful re-test of the upper trendline, BTC can surge to 54-55k levels (this is certainly the most optimistic scenario). Intermediate targets are in the chart.
Obviously, the falling wedge pattern is invalidated if BTC closes below the lower trendline.
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DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.
Medium-term, BTC might print a wick down to around 28k USD, which might then be followed by a price increase up until the upper trendline at around 32k. Upon breaking and successful re-test of the upper trendline, BTC can surge to 54-55k levels (this is certainly the most optimistic scenario). Intermediate targets are in the chart.
Obviously, the falling wedge pattern is invalidated if BTC closes below the lower trendline.
Comments are welcome.
Please like & follow for more TA.
DISCLAIMER:
This is neither a trading nor a financial advice.
You are responsible for your own actions so do your own research.
Note
Price got rejected again from upper trendline. Falling wedge pattern still valid.
Disclaimer
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