BTC - Bull or Bust?It is an important moment for the long term trend of BTC. Looking at the simple log chart you can see that we are coming to the end of a wedge that was formed between a crucial upward support line in red and the downward resistance trend line in green.
If BTC breaks above the green trend line and confirms the line as support, that would be an extremely bullish scenario and would likely be able to easily hit the 78.6% retrace. From there we would likely see heavy resistance at ~$9850. If it can break this, I will put one horn on. if it can conquer $11800 resistance, i'll put the other one on and the bear will be slain.
If BTC confirms the green line as heavy resistance and breaks down below $7750, it will signal a short down to around the $6850 area, and it could potentially go lower. I believe this would heavily destroy the market sentiment and we could potentially break down below the red line and see a 100% retrace. If it goes down further, the next couple stops would be likely be ~$5350 and ~$4800 based on the volume profile and old supports from before the ATH.
It is important to watch exactly what happens and WAIT FOR CONFIRMATION before making trades.
*All of this is not financial advice, I am not a financial adviser. I am just merely sharing likely scenarios based on this crucial moment in time*
