Bitcoin Wedge Pattern

Bitcoin Wedge Pattern on 15m Chart: Time for Price Reversal?

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
Bitcoin Wedge Pattern Tradingview

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.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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