Bitcoin Bull market
Technical Analysis of the bitcoin bull market.
1:1st leg up (100%)
2: Flag formation
3: 2nd leg up (75%)
4: Rising Wedge Forming
I think a lot of charts are drawing their bottom wedge line incorrectly and are not allowing any wiggle room. My bottom wedge line is right on the 50 SMA. The wedge seems to be on track to break by Mid-Late May. I think before it breaks we will see a bull trap wedge break before correcting.
Note: Wedge formations are typically secondary reaction moves, and do not signal an end of the primary bull market.
1:1st leg up (100%)
2: Flag formation
3: 2nd leg up (75%)
4: Rising Wedge Forming
I think a lot of charts are drawing their bottom wedge line incorrectly and are not allowing any wiggle room. My bottom wedge line is right on the 50 SMA. The wedge seems to be on track to break by Mid-Late May. I think before it breaks we will see a bull trap wedge break before correcting.
Note: Wedge formations are typically secondary reaction moves, and do not signal an end of the primary bull market.
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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.