BTC/USD - Rising Wedge - Start of a correction moove
From the chart above, it can be assumed that the long waited bottom is already in, with BTC and the whole market looking extremely bullish. The aim of this analysis is not trying to short BTC, as it is quite risky, but rather catch the bottom of the corrective move.
I have spotted a rising wedge, a break of which might be a trigger for a mid-term correction. Think that the level of the MPO from the wedge, 8.2k - 8.5k is extremely important and should hold due to the fact that many indicators are pointing to this level. If I am right and the wedge will play out then BTC might be forming the second (right) shoulder of that massive Inverse Head & Shoulders pattern with MPO at 13.3k.
Let us see how it goes, but I think that a correction anytime soon is on the table, otherwise, if the price will continue to rise at the same pace, i am afraid that it will inflate a mini-bubble wich will lead to a massive price drop and long consolidation period.
I have spotted a rising wedge, a break of which might be a trigger for a mid-term correction. Think that the level of the MPO from the wedge, 8.2k - 8.5k is extremely important and should hold due to the fact that many indicators are pointing to this level. If I am right and the wedge will play out then BTC might be forming the second (right) shoulder of that massive Inverse Head & Shoulders pattern with MPO at 13.3k.
Let us see how it goes, but I think that a correction anytime soon is on the table, otherwise, if the price will continue to rise at the same pace, i am afraid that it will inflate a mini-bubble wich will lead to a massive price drop and long consolidation period.
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