Bitcoin Falling Wedge Analysis
The above chart of Bitcoin laid out a Falling Wedge .In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal.
This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down.
Currently, Bitcoin is at $16830. If the pattern continues, the price of Bitcoin might reach the resistance level of $21600. If the trend reverses, then the price of Bitcoin may fall to $15500
Happy Trading
The above chart of Bitcoin laid out a Falling Wedge .In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal.
This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down.
Currently, Bitcoin is at $16830. If the pattern continues, the price of Bitcoin might reach the resistance level of $21600. If the trend reverses, then the price of Bitcoin may fall to $15500
Happy Trading
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