Hey everyone,
this is my idea of how and in what timeframe Bitcoin could move over the next few weeks.
Bitcoin still holds above its major support zone (approx. 29-33.5k) and currently ranges in a broadening wedge formation.
This type of broadening wedge (blue lines) usually indicate a trend reversal. With breaking out of, Bitcoin faces its next bigger resistance at the red downwards sloaping line.
Also, pay attention to the bullish divergence on the (1D) RSI, also counting as a sign of a possible trend reversal.
Feel free to share your thoughts in the comments.
Have a great week and stay safe.
this is my idea of how and in what timeframe Bitcoin could move over the next few weeks.
Bitcoin still holds above its major support zone (approx. 29-33.5k) and currently ranges in a broadening wedge formation.
This type of broadening wedge (blue lines) usually indicate a trend reversal. With breaking out of, Bitcoin faces its next bigger resistance at the red downwards sloaping line.
Also, pay attention to the bullish divergence on the (1D) RSI, also counting as a sign of a possible trend reversal.
Feel free to share your thoughts in the comments.
Have a great week and stay safe.