Bitcoin broke out of the downward channel but has found itself in a downward wedge.
Bitcoin needs to break out of the wedge and hold the major trend-line. If it can hold the major trend-line, the next target is closing above the 200 day MA. If we can do this, we have clear signs of a $20k re-test.
By the end of March we will be able to tell if Bitcoin held the major trend-line and is looking bullish, or if it got rejected and is seeking for new, and lower support.
Since Bitcoin has such a small market cap, it's essentially controlled by the futures market. Some entities may try to force Bitcoin to break it's major trend-line to cause fear to us real users of the technology. Who knows.
Time to watch it all play out.
Bitcoin needs to break out of the wedge and hold the major trend-line. If it can hold the major trend-line, the next target is closing above the 200 day MA. If we can do this, we have clear signs of a $20k re-test.
By the end of March we will be able to tell if Bitcoin held the major trend-line and is looking bullish, or if it got rejected and is seeking for new, and lower support.
Since Bitcoin has such a small market cap, it's essentially controlled by the futures market. Some entities may try to force Bitcoin to break it's major trend-line to cause fear to us real users of the technology. Who knows.
Time to watch it all play out.
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