Can Bitcoin break out 9300?
In the weekly chart, Bitcoin is showing a descending wedge. Current price is under the pressure of the threshold around 9300.
The reversal since this March is powerful, but I don't consider the chart as a pennant. In the past 4 weeks, it has been hesitating for too long to be a pennant.
The future 4 weeks are quite a decisive period for Bitcoin, if it fail to break out 9300, it'd most likely to retest 8000.
The reversal since this March is powerful, but I don't consider the chart as a pennant. In the past 4 weeks, it has been hesitating for too long to be a pennant.
The future 4 weeks are quite a decisive period for Bitcoin, if it fail to break out 9300, it'd most likely to retest 8000.
Note
In the weekly chart, if two candlesticks break out 9500-9600, Bitcoin may test 10000. If a clear break out above 10000 shows up, I suppose there would be a new long-term bull trend.
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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.