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BTC/USD - Rising Wedge vs Perma Bulls (Who wins the fight)
BTC/USD - At the moment I am bearish on BTC unless we break above $7,800 and actually find some support without huge volatility. As you can see on the chart plotted above there is a huge rising wedge on the 4 hour time frame and also the daily time frame, combined with a steady drop off in volume, this is a by the book rising wedge and shouldn't be ignored.
A break above the wedge would put me in a scenario where I would enter alt coins and expect a market rally, until then I am sitting out of alts as they are very price sensitive to BTC.
BTC next target? a break below the rising wedge would see us with an extension target of around $7,175 -$7,200 which lines up nicely with our horizontal support structure.
Telegram - @alpocrypto for any questions / enquiries on signals group.
A break above the wedge would put me in a scenario where I would enter alt coins and expect a market rally, until then I am sitting out of alts as they are very price sensitive to BTC.
BTC next target? a break below the rising wedge would see us with an extension target of around $7,175 -$7,200 which lines up nicely with our horizontal support structure.
Telegram - @alpocrypto for any questions / enquiries on signals group.
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