Short term, Bitcoin seems to be stuck in a slow downtrend. It broke out of an initial falling wedge (yellow area) and currently forming a smaller falling wedge (sky blue lines) after the break out.
BULLISH:
These falling wedges if fully realized may have a potential retest 9.3k or even 10.5k.
Seems like a good buy soon if you are bullish and you think 7.5-8k will hold.
BEARISH:
If both of these wedges fails to break up further, we might be looking to realize a bigger wedge (dark blue lines) that may:
1) retest the previous bottom 5.9-6k
2) or break further down to 4.8-5k.
Seems like a good short soon if you are bearish and you think 8.3-8.6k will resist.
Well, overall, I think the market is undecided but still leaning bearish. The formation of falling wedge patterns seems to give evidence to this overall sentiment.
BULLISH:
These falling wedges if fully realized may have a potential retest 9.3k or even 10.5k.
Seems like a good buy soon if you are bullish and you think 7.5-8k will hold.
BEARISH:
If both of these wedges fails to break up further, we might be looking to realize a bigger wedge (dark blue lines) that may:
1) retest the previous bottom 5.9-6k
2) or break further down to 4.8-5k.
Seems like a good short soon if you are bearish and you think 8.3-8.6k will resist.
Well, overall, I think the market is undecided but still leaning bearish. The formation of falling wedge patterns seems to give evidence to this overall sentiment.
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