BTCUSD - Logview - Daily
Yellow trend lines being our bearish wedge
Blue trend lines being our bullish exit wedge
Bitcoin managed to make itself a bullish wedge/channel to exit the bear trend. As of right now we're still correcting within the bullish wedge. I fear if we break downwards through the blue support we'll be re-entering bearish territory for a significant amount of time and re-testing the 6k lows.
That being said, I expect to see a significant bullish pivot point (likely a good buy area) at the support line of that blue bullish wedge.
As of right now, bulls are still in control.
Yellow trend lines being our bearish wedge
Blue trend lines being our bullish exit wedge
Bitcoin managed to make itself a bullish wedge/channel to exit the bear trend. As of right now we're still correcting within the bullish wedge. I fear if we break downwards through the blue support we'll be re-entering bearish territory for a significant amount of time and re-testing the 6k lows.
That being said, I expect to see a significant bullish pivot point (likely a good buy area) at the support line of that blue bullish wedge.
As of right now, bulls are still in control.