Bitcoin - BTCUSDT - In Wedge Pattern
Greetings,
BTC has been struggling to breakout and then stay above 44K. With time since the previous move above 38K resistance, the top trendline has been descending. Along with that, the recent bounces have created an ascending bottom trendline. If we extend this bottom trendline back, it aligns well with the previous resistance very well which makes it a strong support.
These two lines are converging on Jan 10, 2024 which is the deadline for SEC's decision on Bitcoin ETF's - too much of a coincidence?
Anyway this convergence is creating a wedge pattern which typically gives 50/50 chance to both up and down move. However as mentioned, the bottom trendline is a strong support and has a steeper angle so we would give a slight edge to bulls here.
With SEC's decision coming up in a few days, we expect high volatility in the markets. All investors should manage their risk. From our end, we will provide our analysis as frequently as we can. Please SUBSCRIBE to stay up to date!
Note: This is not financial advise and shall only be used for educational and/or entertainment purpose. Please do your own research before investing. Crypto Markets are highly volatile and you are responsible for the risk of losing your entire investment.
BTC has been struggling to breakout and then stay above 44K. With time since the previous move above 38K resistance, the top trendline has been descending. Along with that, the recent bounces have created an ascending bottom trendline. If we extend this bottom trendline back, it aligns well with the previous resistance very well which makes it a strong support.
These two lines are converging on Jan 10, 2024 which is the deadline for SEC's decision on Bitcoin ETF's - too much of a coincidence?
Anyway this convergence is creating a wedge pattern which typically gives 50/50 chance to both up and down move. However as mentioned, the bottom trendline is a strong support and has a steeper angle so we would give a slight edge to bulls here.
With SEC's decision coming up in a few days, we expect high volatility in the markets. All investors should manage their risk. From our end, we will provide our analysis as frequently as we can. Please SUBSCRIBE to stay up to date!
Note: This is not financial advise and shall only be used for educational and/or entertainment purpose. Please do your own research before investing. Crypto Markets are highly volatile and you are responsible for the risk of losing your entire investment.
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