Welcome to my current Bitcoin price analysis! After many were already wary of the dusty party hats again to unpack, is the Bitcoin exchange rate, unfortunately, is vehemently opposed to the 50-Daily MA line, bounced off and lost within a day more than 500$ on the ground. So he is currently again under 7000$limit.What it means for the Bitcoin course, if we close today below this price level, we want to discuss in this analysis. We will look at the Bitcoin Chart and analyze what information we can draw from this. Thus, it is worthwhile in any case, exciting and stay tuned, as always. I wish you lots of fun!Please note: None of this articles listed is to Formulate in any way the trading recommendations. This and the following article are solely for the exchange of information with our readership. Neither crypto Monday nor the author of this text shall be liable for any loss incurred as a result of the trading decisions of our readers. DYOR!
Contents
Bitcoin price still in the Rising Wedge
Recently, it seemed unclear which Chart Formation, we have to do it currently. The recently observed increase in the Bitcoin price, read a lot of hope for the bullish pattern of an ascending triangle. It should now be clear that the Version of the ascending triangle to the in all probability a thing of the past is. But what exactly does this mean for the Bitcoin exchange rate?The answer is easy. After should be clear that it was not an ascending triangle, the Bitcoin exchange rate obviously, in a Rising Wedge.In my Bitcoin price analysis from the 3.4. Why cops still should hold, and a crash to$ 4,400 of is not unlikely, I have already referred to the Rising Wedge and the Formation and their properties explained. Nevertheless, we want to summarize in the Following a summary of what is expected of us expect this Formation very soon.
What you need to know about the Rising Wedge
The Rising Wedge (dt. rising wedge) is a recessive pattern. It begins at the lower end of wide and gradually rising prices and a narrowing of the trading range. The Whole thing looks currently on the Bitcoin price Chart:The previous Trend with a Rising Wedge no matter. In theory is always a lot of bids due soon pattern. For the Bitcoin exchange rate, which is currently between two rising and converging trend lines back-and-forth jumps, it could mean a further descent.The Rising Wedge is not, in practice, however, as reliable as it promises to be the theory. In fact, can dissolve the Rising Wedge in both directions, and only in 60 percent of cases, there is a resolution to the bottom. Therefore, wait in this Formation, always ensure that the Bitcoin includes rates outside the trend lines so that the pattern is confirmed. But renewed weakness in the Bitcoin price, and the fact that he can’t hold in all probability about the 7,000$brand, is strengthened, in my opinion, the tendency of a downward breakout. In this case, we can expect the Bitcoin price with a price target of 4.400 – 4.800$.This price target also coincides very accurately with the lower edge of the Yope Channels, which is at the time of the third Bitcoin Halvings in may at just under 4,300 to$.In the past, the Bitcoin price returned to the time of Halvings again and again to the lower trend line of the channel, and then to its medium-term upward-trend to begin and write a new ATH. We may be witness thereof, that is to repeat this pattern again.Read also: 3.000$ or 20,000$ – BitMEX CEO price range for Bitcoin exchange rate announced
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