🔥 Bitcoin Wedge Break-Out

17 ก.พ. 2021

Since TESLA announced that they will be accepting Bitcoin in the future, Bitcoin has seen a strong bullish move upward. This move is likely caused by the hype created by the idea that other big (tech) companies will be incorporating Bitcoin as one of their methods of payment. I refer to my other idea for details.

Since then, the price has been forming a wedge. Up-sloping wedges are, according to theory, bearish patterns. Although bearish is nature, it's not always a bearish one. Today the price broke through the upper resistance with confidence, i.e. a big candle with strong price action. This leads me to believe that there is another strong bullish move on the horizon.

The potential targets for this trade are 55k and 60k, round numbers. Do your own due diligence.

Happy trading!