BitcoinShort
Bitcoin
Ever sense the large spike in 2018 and the correction we saw the next year, bitcoin has entered this channel from April 2019-July 2020. On April 2020 we see the start of a wedge being formed at the top half of the channel. This leaves us with two possible options I see in the future for bitcoin . Since it's forming a wedge , a key indicator for a large bear correction or bull upturn in the near future, we could see a bull run or bear. Since we are at the high portion of this channel I am going to say this wedge is an indicator for a large bear correction to test the lows of the channel. Which will create a great buying opportunity in the near future. If you look at the moving average as well it is clearly above it and the last three times it was seen like that, there was a correction and a buying opportunity within the channel in the near future.
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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.