BTC Still In Rising Wedge
We had two more ascending triangles lately, each with its own upside breakout (green arrows). That makes at 4 triangles in this rising blue wedge. The price tried to breakout of the wedge to the upside on May 30th, but was stopped at the upper edge of the wedge. Then it brokedown out of the wedge later on the 30th, but has since returned back into the wedge, and is now crawling along the lower edge of the wedge.
Rising wedges are bearish and usually signal a reversal of a bull run into a bear run, so we can still see some downside from here to the $7,300 area (based on the height of the blue wedge at its beginning (pink dots). But the longer it stays on the lower edge of the wedge, the greater the possibility of another bullish triangle and another upside breakout. Hang in there. It still looks good.
Rising wedges are bearish and usually signal a reversal of a bull run into a bear run, so we can still see some downside from here to the $7,300 area (based on the height of the blue wedge at its beginning (pink dots). But the longer it stays on the lower edge of the wedge, the greater the possibility of another bullish triangle and another upside breakout. Hang in there. It still looks good.
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