BTC/USD - Wedging before breakout!

14 ก.พ. 2021

BTC has formed an interesting wedge that reminds me of... ETH before breaking out towards $1,800.

We are in the final stages of this wedge which I expect to break up above 50k resistance. The chance for us to break lower is small and even if we do we have good support at 45k and 40k.

Why am I bullish:

1. We are still in this wedge + support held today so that is good.
2. Daily indicators are still bullish, we lost some momentum, but a breakout here will bring us back in action.
3. On 4h MACD wanted to cross on the positive side today, and bias is bullish.

The more we test 50k the higher the chase it will break. First try failed and we rarely managed to pass a major resistance at first test, look at 20k. It took us 5 attempts to crack 20k.

We will have another attempt and if that fails we will get a small correction, but I don't see us fall under 45k. If we move beyond 50k then we may get a lot of money into BTC again and alts may suffer a bit because of that, to be seen.

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