Bitcoin weekly 20ma retest time? Rising wedge

١٦ أبريل ٢٠٢١

This is one bearish perspective however there are many bullish structures that can be viewed from recent price action so take this idea as FYI and something different to consider as opposed to the numerous moon calls 😃

Not financial advice and considering the demand for bitcoin this pattern analysis can easily be negated by big whales soaking up the sell pressure.

It appears like price has been pushed up with 4 rising wedges since 8th February 2021. Looking at the larger structure that has now formed a larger rising wedge which is typically a bearish pattern.

Could we see a retest of the weekly 20ma and could it be time bitcoin prints its first red monthly candle after 6 consecutive greens?? Something to consider.

I have projected an ascending triangle with the green lines, purely speculative ofcourse, however some structure and play in that range would project a break out around june/july with a target of 95k. This would be much healthier and sustainable in the long term and bitcoin could go on to reach onwards of 200-300k. It could just rush to targets now, who knows, either way hodl on..
.