🔥 Bitcoin Potential Rising Wedge: Bounce Incoming?

BTC has been selling off for nearly a week now, which makes it likely that we're going to see some kind of bounce happening in the near future.

As seen on the chart, BTC is finding temporary support around the wedge's bottom support line. Whether this support will hold remains to be seen. If today will be green, the rising wedge scenario will become more likely.

If we break down, I think there's a big chance we will retest the $21500 area.

Kommentar:

BTC selling doesn't mean we will pump. However, we're still in a weekly uptrend, so statistically it's likely that we will see some kind of bounce from 1H / 4H oversold conditions. The latter is especially true if it hits a strong support.

Kommentar:

Bounced from the support! Next stop $25k? Depends highly on stock markets tomorrow.

Kommentar:

Support still holding after a weak US market open.