Bitcoin
Short

BTC Daily Rising Wedge

This shape is generally a bearish pattern, with the likelihood of a breakdown to the next major support area.

The rising wedge pattern is one of the numerous tools in technical analysis, often signaling a potential move in the asset or broader market. Recognizing this pattern involves identifying a narrowing range of prices enclosed by two upward-sloping trendlines that converge over time.

Price is stalling at a major resistance. This is likely to be an area for traders taking profit who bought in the range of 16,000 to 30,000.

The RSI is above 70, which often signals a reversal for BTC.

The next major support coincides with the area between the .5 and the .618 fib retracement level around 31,000.

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BTCBTCUSDFibonacciRising WedgeshortTrend AnalysisTrend Lines

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