Bitcoin has been recently stuck in a sideways short-term movement. The long-term upside range is still intact and not tested (yet) (or with signs of continuing it).
Demand has been slow with the past days as bulls and bears are fighting to find a proper direction at first, not to even consider a strong acceleration of the movement.
We have reached the top of the wedge here and a good question pops up in our heads: Will it continue up? Probably yes or no. Depends on "who is going to blink first". Breach here at current price levels will push the price up towards the 12480 zone. Failure here may trip the price down to test the trendline and the 23.6 Fibo level. As always, risk sentiment is key for BTC and the strong demand forces that swing the price up or down.
Demand has been slow with the past days as bulls and bears are fighting to find a proper direction at first, not to even consider a strong acceleration of the movement.
We have reached the top of the wedge here and a good question pops up in our heads: Will it continue up? Probably yes or no. Depends on "who is going to blink first". Breach here at current price levels will push the price up towards the 12480 zone. Failure here may trip the price down to test the trendline and the 23.6 Fibo level. As always, risk sentiment is key for BTC and the strong demand forces that swing the price up or down.
Note
Bitcoin has managed to push up above the wedge and to reach the target @12K. And obviously beyond. 14K next?
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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.