#Bitcoin is currently forming a rising wedge chart pattern — a formation typically considered bearish in technical analysis.
Interestingly,
BTC is surging strongly after retesting the lower support trendline of the wedge. While this momentum suggests a potential breakout to the upside, it's important to note that such breakouts from a rising wedge are rare, as the pattern generally signals a reversal or breakdown.
That said, I firmly believe Bitcoin has the strength to reach around $114,000 in the near term. Once that level is tested, I’ll reassess the chart for its next major move.
Interestingly,
BTC is surging strongly after retesting the lower support trendline of the wedge. While this momentum suggests a potential breakout to the upside, it's important to note that such breakouts from a rising wedge are rare, as the pattern generally signals a reversal or breakdown.That said, I firmly believe Bitcoin has the strength to reach around $114,000 in the near term. Once that level is tested, I’ll reassess the chart for its next major move.
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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.
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.