BITCOIN (BTCUSD): 2 Scenarios Explained ₿

Many of you asked me to share my thoughts about Bitcoin.

Even though 99% of traders on TradingView post long-term bullish forecasts on BTC,
from a current perspective, the situation is very vague.

If you want to buy bitcoin, you must definitely consider a major falling trend line that the market is respecting since April.
I would recommend waiting for its bullish breakout first before you buy.

At the same time, setting a new low in May, Bitcoin started to recover.
The price formed a rising wedge pattern and I guess you see how bearish this pattern looks.
Touch of the above-mentioned trend line may trigger a strong bearish reaction.
Bearish breakout of the support of the wedge may trigger a bearish continuation.

In my view, the safest option is to wait for a breakout first now
and only then follow the market.

What are your thoughts?

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Commentaire:

Check my new idea on GBPUSD: