BTC rising wedge on 1 hour

Nov 23, 2023

BTCUSD

A rising wedge pattern is a type of chart pattern that indicates a possible reversal of an uptrend. It consists of two converging trend lines that slope upward, forming a wedge shape. The pattern is completed when the price breaks below the lower trend line, signaling a bearish breakout. You can see from this 1 hour chart that it bounces off the support line. This is a barebones chart to be fair but still, will be very interesting to watch Bitcoins price action as these lines intersect tomorrow.

In all honesty, analyzing the tea leaves on a one hour chart (or any time frame for that matter) at the moment is of little consequence. Looks like BTC is trading exclusively on sentiment. So the more good news we get, the better. Had a crazy move yesterday and it grinded high. Close to its yearly high in fact; granted, it was on low volume after the big move hence the consolidation down to its current level.

Bitcoin’s price is directly impacted by the general market sentiment, led by effects from prevailing macroeconomic factors. Seems that the Binance news had little impact on current positve sentiment (if anything, it was actually great news given Binance can remain solvent). If the ETF is approved, man.. price action will be insane at first. I still don't think the possibility has been priced in.

Nov 23, 2023

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Would be curious to know how BTC has performed during thanksgiving in previous years. Pretty different environment as opposed to now though so I'm not sure what good historical price action would do here.

Nov 24, 2023

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Price action still trading within this wedge. Volume creeping up so BTC looks primed to make a big move today. Seems to be inching up but we'll see which way she decides to go.