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Bitcoin breakout of bullish falling wedge imminent
We are at an inflection point.
Bitcoin historically trades in bullish falling wedges (purple) and bearish rising wedges (orange)
We are close to a massive breakout towards new ath‘s.
The bullish falling wedge is ending mid Feb, or 30‘000$.
As the RSI is clearly showing oversold levels and we are touching support level, we will see buying pressure next week. shorts need to cover as well as the short ratio is historically high. This will lead to a clear breakout really soon. Shorts are really in danger because the breakout can happen anytime as soon as first shorts covering. I guess that by beginning Feb, we are back in a bull market.
Bitcoin historically trades in bullish falling wedges (purple) and bearish rising wedges (orange)
We are close to a massive breakout towards new ath‘s.
The bullish falling wedge is ending mid Feb, or 30‘000$.
As the RSI is clearly showing oversold levels and we are touching support level, we will see buying pressure next week. shorts need to cover as well as the short ratio is historically high. This will lead to a clear breakout really soon. Shorts are really in danger because the breakout can happen anytime as soon as first shorts covering. I guess that by beginning Feb, we are back in a bull market.
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