Bitcoin has been firmly within this gently descending wedge since January 20th. Today is likely to mark our third attempt on its rising support level and the Stochastic RSI shows us nicely primed for an impending rise back up to wedge resistance at $8750 over the next few weeks - and possibly through it for a nice bull run.
However, BTC has been at the floor of the StochRSI for most of the past three weeks and has really struggled to get any kind of buying momentum... it is key that Bitcoin does not push through the support over the next few days, or this wedge may well turn into a descending channel. What do you foresee - incoming bull run or a push further down?
Please give me a thumbs up and follow me if you like my analysis. This is for educational purposes only and not a recommendation to buy or sell. Always do your own research before trading.
However, BTC has been at the floor of the StochRSI for most of the past three weeks and has really struggled to get any kind of buying momentum... it is key that Bitcoin does not push through the support over the next few days, or this wedge may well turn into a descending channel. What do you foresee - incoming bull run or a push further down?
Please give me a thumbs up and follow me if you like my analysis. This is for educational purposes only and not a recommendation to buy or sell. Always do your own research before trading.
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Progress is good so far, with a nice bounce up as predicted. Expecting a slight pull-back close to 7000, before the steady climb back up to 8000+