Bitcoin Price Analysis: The Wedge of BTC
HodlX Guest Blog Submit Your Post
This week, we had a substantial move in the crypto markets that wiped out $13 billion in market cap. There hasn’t been a solid news event. Mainly, it was short seller pressure and perhaps lack of interest.
If we look at some technicals, we can see that this “Shifting” channel illustrated by the Gold trend line I have drawn still has not broken. Awfully close, but not broken quite yet. The purple trend line has been brutal towards BTC, and Bitcoin has not been able to break out from underneath that descending trend line.
is still in an ascending formation, and is also in a formation.
So here’s the thing – so far BTC has been going the route of most pain and opposite of some patterns. A recent example would be this small purple not holding and then breaking down. While logically the next step would be to complete this to the downside, we could also just move sideways and break up. Bottom line, this 6k area is critical.
What happens if we do break down? It appears that we are just going to remain in this massivebefore eventually breaking upm which makes me comfortable holding and putting a ladder down at 5.3k, presuming we get another run up to 10k. Of course, we need to break this purple for this to happen.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.