Bitcoin looks to be caught in a falling wedge on the weekly timeframe. Last week it retook the 50-week moving average, after bouncing off a trendline on the monthly. As such, assuming this week shows some follow-through, it will likely attempt a break of the top trend line in the falling wedge.
Whilst I don't aim to make predictions, just look for scenarios to playoff, I'm making this prediction for Troy's competition.
Bitcoin Breaks Up Out of Consolidation and hits previous highs with 6 months
What's the bullish case for bitcoin?
1. Support on the 50 week moving average
2. Bouncing up off the monthly trend line
3. It appears to be within a falling wedge (which is typically, but not always, a Bullish continuation pattern
The scenario is that the wedge will be broken and Bitcoin will attempt the previous high, before being rejected and confirming support around 9.5k. This will give the bulls the confirmation needed to push the price higher and will see Bitcoin reach it's previous all time high in and around 6 month time (before the halving).
Whether it breaks past this resistance is hard to say, but my money would be on no, as I suspect many people will take profit there but it should continue up past this all time; just not in the next 6 months
Whilst I don't aim to make predictions, just look for scenarios to playoff, I'm making this prediction for Troy's competition.
Bitcoin Breaks Up Out of Consolidation and hits previous highs with 6 months
What's the bullish case for bitcoin?
1. Support on the 50 week moving average
2. Bouncing up off the monthly trend line
3. It appears to be within a falling wedge (which is typically, but not always, a Bullish continuation pattern
The scenario is that the wedge will be broken and Bitcoin will attempt the previous high, before being rejected and confirming support around 9.5k. This will give the bulls the confirmation needed to push the price higher and will see Bitcoin reach it's previous all time high in and around 6 month time (before the halving).
Whether it breaks past this resistance is hard to say, but my money would be on no, as I suspect many people will take profit there but it should continue up past this all time; just not in the next 6 months