Potential Bullish Wedge for BTC... it depends

29 Mar 2021

BTC has just convincingly bounced from a -18% discount from its ATH aroud 50.5k recently, Bitcoin is strong and bulls are clearly eager to keep buying on those dips. Yet with that drop it broke a trendline that was drawn back from its last big dip down to 43k. To me this line is still important and will likely form the top end of a rising wedge we are starting to punch out on the chart. I try not to predict too far out, I think beyond a week is tricky especially now during the turmoil. But odds are we are still in a bullrun and up is the name of the game. My guess is that we will continue to rise into the potential equities recovery this week to tap the previous ATH and then come down to confirm the lower end of the wedge. From here perhaps a bit more up, with the flurry of retail news articles heralding another ATH trapping retail in around 64k before leaving the wedge downwards to the much older TL that dates back Dec 10th. From there I am not sure where next. That said I did add an arrow for even further upwards movement. It could ofc break the wedge and keep climbing, but I think 64k is on a lot of peoples charts as a point to take profit and wait for a reentry. With the increased frequency now of 20-35% dips another within the span of 2 weeks wont surprise me. Short term Bullish, waiting for a critical point to point which direction next. Then its all in the hands of the collective market.

YET all this depends on Equities recovering. If the S&P + Russel and Nik+HSI don't turn around, forget this wedge happening, as for now you can see it has yet to get that additional confirmation to make it a reality, we are purely speculative here.