Bitcoin happened to be in a falling wedge formation, which is short term bearish sign, but mid term bullish!
We have seen two practically SAME formations in this falling wedge - first uptrend, touch the resistance line and then quite a nice downtrend until we touched the support line. Now it began totally the same way, so we can await the same process - getting slowly down to the trendine.
This gives us a target of 5500, but we have a couple of supports on the way, so according to a price action we could also stop somewhere at 6000 USD. So I am seeing the buyzone for Bitcoin 6000-5500 USD if everything goes by this plan.
BUT don´t forget that right now with 6500 USD we are also on a strong support and we might NOT REACH the support trendline, so for people who like to build trade positions on different levels, it´s time to start building it now and add on 6000 and 5500 level if we reach them.
If this analysis helped you, please hit the button like or follow :)
We have seen two practically SAME formations in this falling wedge - first uptrend, touch the resistance line and then quite a nice downtrend until we touched the support line. Now it began totally the same way, so we can await the same process - getting slowly down to the trendine.
This gives us a target of 5500, but we have a couple of supports on the way, so according to a price action we could also stop somewhere at 6000 USD. So I am seeing the buyzone for Bitcoin 6000-5500 USD if everything goes by this plan.
BUT don´t forget that right now with 6500 USD we are also on a strong support and we might NOT REACH the support trendline, so for people who like to build trade positions on different levels, it´s time to start building it now and add on 6000 and 5500 level if we reach them.
If this analysis helped you, please hit the button like or follow :)