Bitcoin has been in a descending wedge since May 16th. These are textbook bullish patterns. In 82% of cases, the exit is bullish. In 55% of cases, a falling wedge is a reversal pattern. In 63% of cases, the pattern’s price objective is achieved when the resistance line is broken. In 53% of cases, the price makes a support pullback on the falling wedge’s resistance line. And in 27% of cases, false breaks (false exits) appear.
A bullish breakout could be a sign that this bull market isnt over. However it could just be one last deadcat bounce before the actual bear market. Odds are were looking for a reversal. This can be a great opportunity for a long. Keep in mind were literally right at the 50 MA on the weekly. The last time we broke below the 50 MA on the weekly was in March 2020, and we all know what happened after we broken back above it. (almost a 7x and 50 week up trend, and a 15x from the bottom). Let me know what you guys think. Good luck !
A bullish breakout could be a sign that this bull market isnt over. However it could just be one last deadcat bounce before the actual bear market. Odds are were looking for a reversal. This can be a great opportunity for a long. Keep in mind were literally right at the 50 MA on the weekly. The last time we broke below the 50 MA on the weekly was in March 2020, and we all know what happened after we broken back above it. (almost a 7x and 50 week up trend, and a 15x from the bottom). Let me know what you guys think. Good luck !
Comment:
after two long months of consolidation, btc finally broke out of this descending wedge to the upside.