Bitcoin on Fire 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 $20752. If the pattern broke through the resistance, the price of Bitcoin (BTC) might reach the resistance levels of $22712. If the trend reverses, then the price of Bitcoin (BTC) may fall to $18646
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 $20752. If the pattern broke through the resistance, the price of Bitcoin (BTC) might reach the resistance levels of $22712. If the trend reverses, then the price of Bitcoin (BTC) may fall to $18646
Happy Trading
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