#BTC Mid Term Analysis
Technicals
From a pure chart pattern perspective Bitcoin is looking very bullish for the mid term.
The retrace from March's ATH created a series of lower highs and lower lows which when connected make this descending broadening wedge set up.
This is a Bullish pattern. The meta is that you trade the range (long from the lower trendline, short from the top) then when there is a close above the top trendline you go long with a target of the highest point in the set up - which here is the ATH at 74k.
Obviously this is only a chart pattern and alot can happen in the real world to offset it BUT with the rate cuts coming in September I can easily see a breakout to new ATH coming from this price formation.
The charts usually reflect the real world and a ranging downtrend following the ETF driven ATH into a rate cut breakout and ATH re-test is exactly what the broadening wedge set up would expect.
Befor the break a trip to the lower trendline is possible but I think unlikely, mainly because the ETF buys are so high above 60k that I expect them to provide strong price support and prevent a major correction (which is what would be needed to get to a sub 50k lower trendline) unless something crazy happens (like a war or a massive inflation spike).
From a pure chart pattern perspective Bitcoin is looking very bullish for the mid term.
The retrace from March's ATH created a series of lower highs and lower lows which when connected make this descending broadening wedge set up.
This is a Bullish pattern. The meta is that you trade the range (long from the lower trendline, short from the top) then when there is a close above the top trendline you go long with a target of the highest point in the set up - which here is the ATH at 74k.
Obviously this is only a chart pattern and alot can happen in the real world to offset it BUT with the rate cuts coming in September I can easily see a breakout to new ATH coming from this price formation.
The charts usually reflect the real world and a ranging downtrend following the ETF driven ATH into a rate cut breakout and ATH re-test is exactly what the broadening wedge set up would expect.
Befor the break a trip to the lower trendline is possible but I think unlikely, mainly because the ETF buys are so high above 60k that I expect them to provide strong price support and prevent a major correction (which is what would be needed to get to a sub 50k lower trendline) unless something crazy happens (like a war or a massive inflation spike).
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