Bitcoin breaking consolidation
Some times the most simple ideas are the most likely. Here is this very simple and straightforward analysis. Bitcoin is wrapping up almost a month of consolidation inside an ascending triangle (or wedge, depending on how you draw it). A move is imminent within the next week. We have also developed a smaller descending broadening wedge (bullish) with a price target of around 59500.
With the momentum crypto has right now, increasing adoption from institutions, and new round of bullish news on Bitcoin (PayPal, ETFs, Goldman Sachs, etc) the likelihood of us breaking this consolidation to the downside seems slim. Possible long entry at the break of the smaller descending broadening wedge, take some profits around 59500 and put another long at the break of the massive ascending triangle/wedge ($60,000) , can take profits again at the previous all time high. If we do get rejected here by the top the descending wedge , I expect us to bounce of the bottom of the massive triangle, form a W and continue upwards as I have graphed ; entry points stay the same.
The bears came out early of hibernation and found there wasn’t any food for them yet . Time for another nap.
With the momentum crypto has right now, increasing adoption from institutions, and new round of bullish news on Bitcoin (PayPal, ETFs, Goldman Sachs, etc) the likelihood of us breaking this consolidation to the downside seems slim. Possible long entry at the break of the smaller descending broadening wedge, take some profits around 59500 and put another long at the break of the massive ascending triangle/wedge ($60,000) , can take profits again at the previous all time high. If we do get rejected here by the top the descending wedge , I expect us to bounce of the bottom of the massive triangle, form a W and continue upwards as I have graphed ; entry points stay the same.
The bears came out early of hibernation and found there wasn’t any food for them yet . Time for another nap.
Penafian
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