Bitcoin (BTC) price action has been super flat the last 2 months ever since the -50% drop off highs. Bulls and bears have been equally controlling price action which has led to a large sideways consolidation. This has left many investors & traders at a lost of interest as this is not a good price action to trade as which a clear direction is lacking. A newly spotted price pattern may give a hint of how much time BTC will have a lack of trend.
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Shown in green, a falling wedge has clearly formed after many weeks of bouncing back and forth. This pattern is a generally bullish one but always has the chance of breaking to the downside. A clear breakout & preferably a retest of that trend will likely cause price to follow in that direction. At the time of writing, BTC price is sitting within its major support zone of $31,000-$32,200.
A break below this zone will likely cause a cascade of selling which would bearishly break the falling wedge pattern. In this case, support will be found at $30,000, $28,800 & $26,900.
For a bullish trend to begin, BTC price must break back over its major resistance of $33,500 & hold above. If this occurs, it would be a confirmed upwards break of the falling wedge pattern which will likely start a short term bull trend. In this case, bulls must then tackle the 50 Day MA (purple) which has held price down ever since the $50,000 region.
While looking at the RSI, we can see it has been fairly flat, stuck between the 30 & 50 value. This has created a triangle like formation which shows a breakout to be within a week time.
The Stochastic RSI has been sitting in oversold territory for nearly 4 days. At the time of writing, it is showing an upwards curve which looks primed for a strong breakout to the upside. A break above the 20 value will likely start a short term bullish trend.
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