BTC Major Convergence - Ready for a Breakout to the Upside
There has been much talk about the horizontal resistance level of $50,000 for Bitcoin this past week, but when you take a deeper dive into the charts, it's a bit more nuanced than that. BTC has been consistently retesting the top of the upward resistance channel, while also bouncing off the shorter term support level.
This forms a tight, very bullish rising wedge. Bitcoin should break the $50,000 psychological level before the end of this weekend (8/29), and will quickly run to a new ATH. With all of the new institutional money in BTC, should take a huge run up before any of the shaky hands cause it to roll over.
P.S. the rest of the crypto market that isn't already at record highs will follow (see
ETH, MMATIC, 
DOT, 
DOGE, etc.)
This forms a tight, very bullish rising wedge. Bitcoin should break the $50,000 psychological level before the end of this weekend (8/29), and will quickly run to a new ATH. With all of the new institutional money in BTC, should take a huge run up before any of the shaky hands cause it to roll over.
P.S. the rest of the crypto market that isn't already at record highs will follow (see
ETH, MMATIC, DOT, DOGE, etc.)
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