Bitcoin Falling Wedge Analysis ๐ฅ๐ฅ๐ฅ
The above chart of Bitcoin ( BTC ) laid out a Falling Wedge pattern. In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal. This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down.
Bitcoin ( BTC ) is currently trading around $19100. If the pattern broke through the resistance, the price of Bitcoin ( BTC ) might reach the resistance levels of $19650. If the trend reverses, then the price of Bitcoin ( BTC ) may fall to $18950
Happy Trading
The above chart of Bitcoin ( BTC ) laid out a Falling Wedge pattern. In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal. This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down.
Bitcoin ( BTC ) is currently trading around $19100. If the pattern broke through the resistance, the price of Bitcoin ( BTC ) might reach the resistance levels of $19650. If the trend reverses, then the price of Bitcoin ( BTC ) may fall to $18950
Happy Trading
