Bitcoin wedge pattern is obvious on 15 minute Bitcoin Chart which is a potential pattern indicating price reversal.
The live Bitcoin price today is $43,751.24 with a 24-hour trading volume of $35,489,722,167. Bitcoin is up 0.72% in the last 24 hours with a live market cap of $821,658,188,194. In our previous analysis we predicted a possible Bull run on the weekend and called it a ghost move as there was not sufficient volume to support the run longer. We quoted in our last analysis that,
The lack of volume can trigger a reversal but we have witnessed Bitcoin moving without Volume and smashing resistances.
Bitcoin Wedge Pattern: Technical
As it’s evident from the Chart above that rising Bitcoin Wedge pattern is forming, currently touching the bottom line. Bitcoin rose 20% making very unbelievable move but now it’s breaking the wedge pattern downside which can trigger a bearish trend down towards $40,000 mark.
The longer the Bitcoin sits around $40,000 price range, the stronger it makes the support. If a pull back happens from $40,000 making a good and necessary correction, the price moment of bitcoin will be more real and less suspicious and the Bullish rally can push it further up to $48,000. However, we have strong psychological resistance of $50,000 – a tough call for bulls.