🔥 Bitcoin Rising Wedge: Oversold Bounce Incoming

22 เม.ย. 2023

In my most recent BTC analysis I talked about the rising wedge pattern that was formed and my bearish short-term view on the market. Both targets have been hit, with 27,200 marking the bottom area. Congratulations if you took the trade!

Bitcoin is currently oversold at the longer time frames like the 4H and 8H. Consequently, I'm expecting some kind of bounce in the coming 1-2 days. Ideally we will move towards the blue area where some heavy resistances lie. This would be an ideal area for the bears to short.

With the stock earnings season being much weaker than anticipated, the risk is currently to the downside. So, I'm not expecting that this is the bottom yet.

26,500 is my next target. Keep in mind that we're currently still trading in a long-term uptrend, so it might be a perfect moment for bulls to pile in, which is currently what we're seeing on quite some alts.

As explained in my Elliot Waves analysis, I see it more likely that we will go down more, simply because the supports around 25,000 are much stronger.