I typically avoid diagonal support and resistance lines; however, wedges have been consistent indicators for me in the past.
BTC has been trading in a falling wedge for the past 6 months. The longer bitcoin consolidates around resistance (top diagonal line) the more optimistic I feel about a sustained breakout (ie, resistance flipping to support). If this happens we could see bitcoin rise rather quickly and approach ATH's.
BTC has been trading in a falling wedge for the past 6 months. The longer bitcoin consolidates around resistance (top diagonal line) the more optimistic I feel about a sustained breakout (ie, resistance flipping to support). If this happens we could see bitcoin rise rather quickly and approach ATH's.
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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.