Bitcoin Fall from a rising wedge pattern [BITCOIN REVIEW]
After the tweet we saw a huge dump straight to 46k. I thought of doing a technical analysis and see what the chart says to us.
As per the analysis we see that bitcoin was in a rising wedge pattern for a long time. As you know Rising Wedge is a bearish pattern but looking at the ETH we expected Bitcoin to breakout upside. As this didn't happened we saw a breakout from a rising wedge pattern to the downside.
At 53k to 54k level bitcoin took the support and then retested the rising wedge trend line and then we saw a huge downfall to 46k levels.
DYOR
As per the analysis we see that bitcoin was in a rising wedge pattern for a long time. As you know Rising Wedge is a bearish pattern but looking at the ETH we expected Bitcoin to breakout upside. As this didn't happened we saw a breakout from a rising wedge pattern to the downside.
At 53k to 54k level bitcoin took the support and then retested the rising wedge trend line and then we saw a huge downfall to 46k levels.
DYOR
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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.
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.