Short Falling Wedge (Breakout) upcoming concern in the market
BTC formed a small falling wedge in 1h Time Frame and 4h time frame which made a bullish reversal from 47k level. Currently BTC is facing 49k resistance having multiple rejections from 49.2k. If BTC flips the resistance we might see it hitting the target 50.5k and might go to 53k. If you'd ask me I'm more comfortable with 50.5k. If BTC breaks down we might see it going to 44k which is the target even lower. The important levels to watch would be 44k,42k,40k,38k. BTC's dominance is increasing and it's now at 44.60. The market cap is 2.066T. The increase of BTC going into exchanges makes it look like we're gonna embrace at least 10% correction looking at minor bear market.
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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.