BTC managed to fend off the bears in the latest attack, bouncing us from the 8400 levels nearing the fallout point of the upward trend line. As we descended below 8600 the 45 minute MACD histogram showed weakness in favor of the bulls, this gave us clues that the downward trend would reverse.
We're now bumping up against a bullish wedge, which upon breakout bring us a potential 21% bounce to 11,200 which also happens to be a significant area of resistance. Interestingly, breaking out above 11,200 also indicate the breakout from a gigantic symmetrical triangle. This could occur by March 19th and would indicate massive bullish momentum.
However a failure to break out of the downward wedge would be a departure from the overall uptrend and drop us to previous support levels indicating a long-term bear market for BTC.
We're now bumping up against a bullish wedge, which upon breakout bring us a potential 21% bounce to 11,200 which also happens to be a significant area of resistance. Interestingly, breaking out above 11,200 also indicate the breakout from a gigantic symmetrical triangle. This could occur by March 19th and would indicate massive bullish momentum.
However a failure to break out of the downward wedge would be a departure from the overall uptrend and drop us to previous support levels indicating a long-term bear market for BTC.