ðĨ Bitcoin: Signs Of A Falling Wedge
After yesterday's FED announcement of bailing out $SVB, Bitcoin has seen one of the biggest and fastest rallies in recent memory.
Although the rally was impressive, we're not back in bullish territory. Considering the macro outlook, we're more likely to go down than up at the moment.
Looking at the chart, we can see that BTC is currently attempting to break out through the top resistance line of the pattern.
I will wait for confirmation of either a break out or break down. A daily close above 22.6k would signal short-term bullishness, while a break below 22.8k would increase the probability for a move towards the bottom trendline.
Although the rally was impressive, we're not back in bullish territory. Considering the macro outlook, we're more likely to go down than up at the moment.
Looking at the chart, we can see that BTC is currently attempting to break out through the top resistance line of the pattern.
I will wait for confirmation of either a break out or break down. A daily close above 22.6k would signal short-term bullishness, while a break below 22.8k would increase the probability for a move towards the bottom trendline.
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Edit: a break below 22.8k should be a break below 21.8k
āļāļ§āļēāļĄāļāļīāļāđāļŦāđāļ:
Bearish narrative most likely invalidated.
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