Currently Bitcoin trend has been upwards. As long as it does not break below the lower trend line in wedge it should be continuing upwards. It could take till late June to break out of the wedge. A breakdown out of the wedge would show trend reversal switching it to bearish trend. A break out above would breaks long term trend line from 2017 of downwards price movement. I'd expect that breakout to test all time highs. The break down on the 10-12 or may is likely a fake out. As it was quickly rejected at 21 MA and returned above trend line. Fining support at trend line again today. These sideways movements tire those looking for fast money causing a change in sentiment and them to dump. The time also allows those accumulating large volumes to avoid slippage.
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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.