As mentioned in the first published idea on this topic, it is clear that Bitcoin predominantly finds support and resistance on a series of up and down trend-lines able to be plotted on a log chart over longer time frames. Horizontal support and resistance are of secondary and ephemeral importance.
Key resistance levels on the way back to the top of the wedge are BTCUSD $5610, $5870 and above that $6050.
As we can see here $BTC just became heavily oversold and seems to have confirmed a long term bullish wedge pattern. Between now and the end of the year we will likely see the top of the wedge retested, At that point we will likely see a failure to break out to the upside followed by a new price drop to BTCUSD $4975 which I expect to be the bottom of the crypto bear market.
Bitcoin will lkely continue to follow these trend lines for the foreseeable future. This is the third in a series of four ideas related to the past present and future of Bitcoin price action.
Key resistance levels on the way back to the top of the wedge are BTCUSD $5610, $5870 and above that $6050.
As we can see here $BTC just became heavily oversold and seems to have confirmed a long term bullish wedge pattern. Between now and the end of the year we will likely see the top of the wedge retested, At that point we will likely see a failure to break out to the upside followed by a new price drop to BTCUSD $4975 which I expect to be the bottom of the crypto bear market.
Bitcoin will lkely continue to follow these trend lines for the foreseeable future. This is the third in a series of four ideas related to the past present and future of Bitcoin price action.
