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Bitcoin 6000 potential

Bitcoin is still contained within the falling wedge and now closely approaching the apex. Since March 6th highs at 11,500, two confirmed bear flags have developed within the falling wedge structure. The downside breakout of the second bear flag (March 17th 20:00 close) also broke the 8,000 key support level and closed below for the day. Support was found at the long-term trendline (ascending solid green line). At the time of writing, the current 4-hour candle could potentially break this support and the falling wedge structure.

If a downside break of the long-term trendline and falling wedge occur then 6,000 is the next target. There is no significant support level to catch bitcoin if this were to occur with only 7,000 providing minor support before February 6th lows are revisited.

註釋

Falling wedge structure put into context with a bigger picture view from the daily chart. If the falling wedge is confirmed with an upside break then there is potential for 10,000 and the top of the channel.