The question on everyone's mind is again- where is Bitcoin going? The excitement of breaking out from March's accumulation quickly turned to disappointment and boredom as BTC rejected firmly from 65k and entered the falling wedge it is now painting.
Falling wedges are typically a bullish pattern on breakout but a bearish or false breakout can't be ruled out. I provided possible targets for both bullish and bearish breakouts. On the bullish side this could go as high as 67k, if we fall out bearish, expect to retest support on the bottom of the macro and failing that, we'll go as deep as 55-56k with further downside doubtful but possible. 55k served as a very strong support on the last correction in March.
Note: I suspect given the very strong industry investment in this cycle, floor for corrections is smaller than we saw in previous cycles, if we fall below the wedge.
Falling wedges are typically a bullish pattern on breakout but a bearish or false breakout can't be ruled out. I provided possible targets for both bullish and bearish breakouts. On the bullish side this could go as high as 67k, if we fall out bearish, expect to retest support on the bottom of the macro and failing that, we'll go as deep as 55-56k with further downside doubtful but possible. 55k served as a very strong support on the last correction in March.
Note: I suspect given the very strong industry investment in this cycle, floor for corrections is smaller than we saw in previous cycles, if we fall below the wedge.
Note
Looks increasingly like our target is the bottom of the macro. if we fail there then my second target would be around 57/56.5k
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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.