$Bitcoin Status - 8 June
- Rising wedge formed
- Broke below critical trendline again
Market sentiment is mixed and we're getting loads of chop.
Bear : If the wedge validates, breaks down and closes, we could be heading down to next support zone (blue box).
Bull : If we break back above the long term trendline, for more consolidation in the wedge, could build up energy for another alt season, or could subsequently breakdown.
BTC could also breakout and invalidate the wedge, but right now market's not showing that as most probable. This doesn't mean it won't happen, as anything can happen.
- Broke below critical trendline again
Market sentiment is mixed and we're getting loads of chop.
Bear : If the wedge validates, breaks down and closes, we could be heading down to next support zone (blue box).
Bull : If we break back above the long term trendline, for more consolidation in the wedge, could build up energy for another alt season, or could subsequently breakdown.
BTC could also breakout and invalidate the wedge, but right now market's not showing that as most probable. This doesn't mean it won't happen, as anything can happen.
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