Over the last coupe of days we've seen a minor drop of BTC and thus the crypto market. After a very strong rally, it was expected that BTC would need some time to recover and get ready for the next pump.
On the chart you can see an ascending wedge pattern, which is classically a bearish reversal pattern. I'm doubting the idea that we're going to see any meaningful reversal in the coming week. On-chain metrics are screaming bullishness, so my bet would be a drop towards the yellow area of reversal and some side-ways movement from there.
Worst case scenario would be a continued downtrend towards the red area of support. Some serious bad news would need to be published for this to happen. Strong drop in the stock market could also be a catalyst.
Furthermore, I'm expecting a continuation of the bullish trend in the coming days. Next major target: $50k.
Happy trading!
On the chart you can see an ascending wedge pattern, which is classically a bearish reversal pattern. I'm doubting the idea that we're going to see any meaningful reversal in the coming week. On-chain metrics are screaming bullishness, so my bet would be a drop towards the yellow area of reversal and some side-ways movement from there.
Worst case scenario would be a continued downtrend towards the red area of support. Some serious bad news would need to be published for this to happen. Strong drop in the stock market could also be a catalyst.
Furthermore, I'm expecting a continuation of the bullish trend in the coming days. Next major target: $50k.
Happy trading!
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