Will Bitcoin hold the line?

in bitcoin •  2 years ago  (edited)

Bitcoin is on the bottom of a Falling Wedge Patter, will it hold up?

When looking at the weekly chart we can see a well defined falling wedge pattern on bitcoin.

Historically this can be viewed as a bullish chart pattern with odds favoring a break to the upside and continuation of the previous bullish move.

Here's the one on bitcoin:

image.png

(Source: https://twitter.com/rovercrc/status/1533065279516725248/photo/1)

Currently the price is on the very bottom of the pattern which means even if we aren't ready to break it just yet to the upside, we should bounce to the upper end of the range at the very least.

That would line up with the $38k or $36k numbers (depending on when it happens) you have likely heard thrown around a bit as of late.

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It’s going up then down again! The game is still on! 😅