A wedge in a wedge in ascending channel
Bitcoin has started to near the bottom of a wedge (dotted blue line) inside near the bottom of a rising wedge (dashed blue lines), inside of an ascending channel (solid blue lines).
Generally all the above can be considered bearish signs on the horizon, however, long term support looks to be trending to support a continuation upward. Hence, it looks like a dip might occur soon, but time will tell how long the upward channel support will hold (near around 57.5K). A break from there could send the price to around 56.5K and potentially to 54.5K and even down to 52.5K, but a bounce there also could propel the price back near the ATH. I suppose we shall see how big a drop this might bring from those wedges if indeed there is a drop (as it also looks very similar to the jump that happened in the past 24 hours).
Generally all the above can be considered bearish signs on the horizon, however, long term support looks to be trending to support a continuation upward. Hence, it looks like a dip might occur soon, but time will tell how long the upward channel support will hold (near around 57.5K). A break from there could send the price to around 56.5K and potentially to 54.5K and even down to 52.5K, but a bounce there also could propel the price back near the ATH. I suppose we shall see how big a drop this might bring from those wedges if indeed there is a drop (as it also looks very similar to the jump that happened in the past 24 hours).
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