Bitcoin Is Rejecting A Strong Demand Zone
Hi Traders,
Bitcoin has been a pretty dead market for investors in the past few months. However, the current market structure looks interesting as BTCUSD is building momentum for a big move.
The chart above shows that Bitcoin's recent decline unfolded as a triple zigzag pattern. Wave z retested the wedge support line + strong demand zone.
We might see huge buying activities at this zone and the breakout of the descending trendline could lead to a major trend reversal.
What's your view on Bitcoin? Let me know in the comment.
Thanks for reading!
Bitcoin has been a pretty dead market for investors in the past few months. However, the current market structure looks interesting as BTCUSD is building momentum for a big move.
The chart above shows that Bitcoin's recent decline unfolded as a triple zigzag pattern. Wave z retested the wedge support line + strong demand zone.
We might see huge buying activities at this zone and the breakout of the descending trendline could lead to a major trend reversal.
What's your view on Bitcoin? Let me know in the comment.
Thanks for reading!
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