Bitcoin BTCUSD - Falling Wedge - Upside to come?
Updated
This may all be Wyckoff distribution, and we head back down to test 8800, I am beginning to feel a test higher is more likely.
Technically
Fundamentally
Shorts opened from 9950 retest would likely have stops around 10 - 10.4k, so a push up could end up squeezing shorts and blasting past 10k
BTC has been linked to the SPX, and most are expecting a pullback - could be a counter play pump
Make your own decisions, and do your own research, none of this is to be considered advice in any manner.
Technically
- Price has been sitting in the top half of the wedge, grinding against the supply line, as selling pressure is fading.
Long wicks on dip candles indicating buyers are stepping in sooner
Hidden bullish divergence on MACD histogram, pointing to low selling volume
Inverse head and shoulder pattern forming, pointing to a reversal from the descent from 10.4k
Fundamentally
- On chain analysis showing many new entrants in the market
Governments spending unlimited amounts - I think this should eventually have a spillover effect
Stock market volatility has been almost as volatile as crypto markets are
Tether minting has skyrocketed since Feb-20, some of this money is inevitable sitting on the sidelines (buyers waiting)
Shorts opened from 9950 retest would likely have stops around 10 - 10.4k, so a push up could end up squeezing shorts and blasting past 10k
BTC has been linked to the SPX, and most are expecting a pullback - could be a counter play pump
Make your own decisions, and do your own research, none of this is to be considered advice in any manner.
Comment
Above the wedge currently, however BTC has fallen out of the rising channel. Interesting if buyers can keep off sellers for another run.May need a drop lower to find more buyers
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