🔥 Bitcoin New All-TIme High: Potential Bearish Wedge
A while ago I made an analysis on Bitcoin and the bounce that caused the push to the new all-time high.
Congratulations on all the hodlers who have yet again seen a new all time high. However, a bearish wedge is forming on the chart over the last few months.
On the near term, I'm 50/50. Bearish wedges will often break bullish in strong bullish trends. However, BTC is overbought at the moment with a very high funding rate. We might see a correction coming our way in the near future.
In case of a correction, I'm expecting the price to encounter serious support in the Support Area. Most likely the price will reverse from there.
Happy trading!
Congratulations on all the hodlers who have yet again seen a new all time high. However, a bearish wedge is forming on the chart over the last few months.
On the near term, I'm 50/50. Bearish wedges will often break bullish in strong bullish trends. However, BTC is overbought at the moment with a very high funding rate. We might see a correction coming our way in the near future.
In case of a correction, I'm expecting the price to encounter serious support in the Support Area. Most likely the price will reverse from there.
Happy trading!
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