Rising wedge bearish reversal and recovery from POC
As I analyze the current Bitcoin chart, I recognize a rising wedge pattern emerging, which typically signals an impending bearish trend reversal. This pattern is defined by two converging trend lines that encapsulate a series of higher highs and higher lows. I'm aware that such formations often suggest that the bullish momentum is losing steam, despite the ascent in price.
I’m expecting a breakout to the downside, which, if confirmed, could result in a significant price correction. My target is a drop of approximately 25% towards the Point of Control (POC), a level on the volume profile where the most trading activity has taken place. This would be my anticipated floor for the price drop.
After reaching and potentially consolidating at the POC, I'm optimistic about Bitcoin's prospects. I foresee a recovery and a subsequent bullish run and strong upward momentum following the correction.
I’m expecting a breakout to the downside, which, if confirmed, could result in a significant price correction. My target is a drop of approximately 25% towards the Point of Control (POC), a level on the volume profile where the most trading activity has taken place. This would be my anticipated floor for the price drop.
After reaching and potentially consolidating at the POC, I'm optimistic about Bitcoin's prospects. I foresee a recovery and a subsequent bullish run and strong upward momentum following the correction.