BTC TO RISE, 44K - 47K
BTC is now currently trading inside of a falling wedge which is considered a bullish pattern and is set to rise towards the weekly resistance zone of 44k to 47k. Bitcoin is also trading closely near its ascending support, retesting it for the third time, and with the previous 2 retest that touched the line, price shot up tremendously.
However, despite the bullish setup there are other fundemental concerns that could push bitcoin price further down, namely the increased interest rates by the feds which deter investors into putting money into bitcoin, as well as the S&P 500 in a downtrend and the dollar surging up.
In such a scenario, even with the most bullish set up might fail and we can expect bitcoin to fall to support levels 33k and 37k.
The next few days will be crucial to bitcoin as it could rally up to 44k or crash to 33k.
This is not financial advice, do your own research and have proper risk management.
I hope you have found this helpful, good luck and happy trading!
However, despite the bullish setup there are other fundemental concerns that could push bitcoin price further down, namely the increased interest rates by the feds which deter investors into putting money into bitcoin, as well as the S&P 500 in a downtrend and the dollar surging up.
In such a scenario, even with the most bullish set up might fail and we can expect bitcoin to fall to support levels 33k and 37k.
The next few days will be crucial to bitcoin as it could rally up to 44k or crash to 33k.
This is not financial advice, do your own research and have proper risk management.
I hope you have found this helpful, good luck and happy trading!
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