When Will The Wedge End? (BTC)

13 Jan 2019

Bitcoin seems to be unable to break out of this falling wedge, which has been going on for over a year now. As you can see by the chart I believe in the coming weeks we will test the $3000 Bitcoin support level or potentially the $1700 support level in a extremely bearish scenario leading to a test of the May - July support levels, which would be a major issue for bitcoin now just in a monetary sense but in a psychological sense. However it may not be all doom and gloom for bitcoin, if bitcoin was to go into a bull run in the upcoming weeks and we managed to break the $4460 resistance level, there is a chance we could break out of this falling wedge and push higher, potentially retesting the $5,800 bitcoin levels, however I don't think we could break this level, unless we start seeing much higher volume within bitcoin, this is because this was a major support level in the months prior, however since breaking it I believe it will be a massive resistance point for now for bitcoin, which I think it will struggle to surpass as a result.