Bitcoin Price Action Within Falling Wedge

Here we are looking at BTCUSDT on the daily TF.

As you can see here we are looking at a falling wedge that has been forming since June of 2022. Price action has been slow, boring, and sideways for the most part, but the key thing to note is that price has continuously made lower lows and lower highs.

The support line I have outlined on the chart connects all the way back to the lows made in 2021.

If price is to continue towards the APEX of this falling wedge, we can expect slow price action until May or June (2023).

In the immediate short term, BTC is in no mans zone within this structure. We will monitor as price action decides whether it’s going to test local support or resistance next.

What do you think BTC will do next? Let me know in the comments!

Cheers!