Bitcoin Descending Broadening Wedge Key Zones to Watch

2024年7月10日

Bitcoin is currently exhibiting a descending broadening wedge formation. In this specific case, the descending broadening wedge formation suggests that the price of Bitcoin may experience a bullish reversal.

The immediate focus in this analysis is on the immediate demand zone, which should serve as the buy-back area. However, if the price breaks below this zone, the next area of interest will be the external demand zone around 52K to 50k.

On the upside, the internal supply zone is a critical resistance level to monitor. The final target for this setup is indicated on the chart, with FWB:77K in mind if price manage to break above the external supply zone.

Comment your view on the current Bitcoin price movement.

2024年7月12日

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BTC going exactly as expected, we should wait for the test on the demand area.

2024年7月13日

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Still within same pattern, we are waiting for the breakout of the mini channel.

2024年7月14日

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Price breaking through the wedge trendline and seem to be aiming for the target for the mini bull flag target which coincidence with the internal supply area as provided earlier. We are watching development and will update us as possible.

2024年7月15日

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Just as previously updated, the bullflag target is approaching. Enjoy guys.

2024年7月15日

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2024年7月16日

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Bitcoin crushed internal supply area and this must have killed lot of short positions right now, good mood to be in the current pump situations. Enjoy the ride.