BitcoinShort
Exit from wedge could spell next leg lower for $BTC
A move below 32k and a break below this wedge would likely mean a continuation lower for Bitcoin. I feel, as I have been saying, that is the direction we are headed.
It appears we are getting a bounce right here at around 32.7k, which could take Bitcoin back to ~34k in the very near term.
Either way, it seems likely this wedge breaks to the downside. A move above the purple diagonal trend line would mean more consolidation in this range, with the possibility always of a rebound higher. Notice as well the moving averages holding the price down. Bitcoin will also need to break and hold those to make a sustained move higher.
It appears we are getting a bounce right here at around 32.7k, which could take Bitcoin back to ~34k in the very near term.
Either way, it seems likely this wedge breaks to the downside. A move above the purple diagonal trend line would mean more consolidation in this range, with the possibility always of a rebound higher. Notice as well the moving averages holding the price down. Bitcoin will also need to break and hold those to make a sustained move higher.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.