BTC is in a rising wedge and we know what that means: bearish, right?
Not quite.
Currently, the price is at 0.75 Fib Speed Resistance Fan point. If the wedge is about to continue upwards, the volume has to increase and the price will have to break the 50D MA. If that happens, the first target is 0.618 Fib point at around 37K.
On the other hand, if it can't hold 0.75 Fib, the wedge will break and we could go to 33K. Best case scenario is some sideways action and then break of the 50D MA to the upside. Worst case, as low as 28K.
Not quite.
Currently, the price is at 0.75 Fib Speed Resistance Fan point. If the wedge is about to continue upwards, the volume has to increase and the price will have to break the 50D MA. If that happens, the first target is 0.618 Fib point at around 37K.
On the other hand, if it can't hold 0.75 Fib, the wedge will break and we could go to 33K. Best case scenario is some sideways action and then break of the 50D MA to the upside. Worst case, as low as 28K.