Bitcoin is currently painting a strong picture of a rising wedge which is severely bearish in technical terms with low volume; however, a break above will mean that Bitcoin will be turning all major bearish scenarios into a bullish one.
There are currently only TWO possible scenarios on the larger time frames - the weekly for this instance:
1. A bullish scenario will mean that bulls will have to break above our rising wedge, consolidate, and show that with volume, we can break through our 2019 highs. In the instance we do break out of the rising wedge, our cases for any bear scenario will be completely invalidated - which isn't a bad thing at all; however, we must play by probabilities day by day.
2. A bearish scenario would mean that we will be breaking 10.5-11K levels, and possibly filling the main void at 9.7K.
Trade Safe.
X Force.
There are currently only TWO possible scenarios on the larger time frames - the weekly for this instance:
1. A bullish scenario will mean that bulls will have to break above our rising wedge, consolidate, and show that with volume, we can break through our 2019 highs. In the instance we do break out of the rising wedge, our cases for any bear scenario will be completely invalidated - which isn't a bad thing at all; however, we must play by probabilities day by day.
2. A bearish scenario would mean that we will be breaking 10.5-11K levels, and possibly filling the main void at 9.7K.
Trade Safe.
X Force.
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