I have been observing BTC making this rising wedge in 4h and 1d charts. Even though this pattern is bearish-biased but many analysts were talking about this rising wedge to break upwards because of Coinbase IPO but as BTC approached $64k All-Time High, the Turkish Government announced to ban cryptocurrency payments.
BTC Dump was expected but wasn't happening which shocked the world and relaxed retail buyers in the market to open long positions. Unfortunately, BTC was "artificially" stabilized by the big investors. Now, they sold BTC and later longers were punished today in the form of liquidation as BTC dumped from $60k to $50k!
Now, as this dump broke BTC's multi-month support trend line of the rising wedge, we need to look at bear price targets in the frame.
BTC Daily Candle should close above $60k to move up otherwise, we can expect a $47200 mark. But if this level breaks, BTC can roam about $42-44k price BUT LET'S WAIT FOR A FEW 4H CANDLE CLOSES TO DETERMINE WHERE ARE WE GOING.
Just to remind, here is the chart of the weekly rising wedge which BTC was forming and broke it downwards after achieving a $62000 All-Time High.
What do you think? Share your feedback in the comments.
Muneeb
BTC Dump was expected but wasn't happening which shocked the world and relaxed retail buyers in the market to open long positions. Unfortunately, BTC was "artificially" stabilized by the big investors. Now, they sold BTC and later longers were punished today in the form of liquidation as BTC dumped from $60k to $50k!
Now, as this dump broke BTC's multi-month support trend line of the rising wedge, we need to look at bear price targets in the frame.
BTC Daily Candle should close above $60k to move up otherwise, we can expect a $47200 mark. But if this level breaks, BTC can roam about $42-44k price BUT LET'S WAIT FOR A FEW 4H CANDLE CLOSES TO DETERMINE WHERE ARE WE GOING.
Just to remind, here is the chart of the weekly rising wedge which BTC was forming and broke it downwards after achieving a $62000 All-Time High.
What do you think? Share your feedback in the comments.
Muneeb
