Rising Wedge Pattern Alert Bearish or Bullish for Bitcoin?
In my last post, I shared a bullish outlook for Bitcoin, projecting a potential climb to $131,000 by 2025 if it maintains its current pattern of gradual climbs and pullbacks. However, I also highlighted a critical level $100,000. If Bitcoin faces rejection there, a 20% correction could bring prices down to $78,000.
Now, looking at the current chart, Bitcoin seems to be forming a rising wedge, a pattern often associated with bearish reversals. While the price is still trending upward, the converging trendlines suggest momentum may be weakening. This raises the possibility of a breakdown. But, there’s another side to this story.
Key Takeaways:
1️⃣ Bearish Scenario: If Bitcoin breaks below the wedge’s support line, we could see a sharp pullback. Based on the height of the wedge, the downside target could align closely with the $78,000 zone I mentioned earlier.
2️⃣ Bullish Scenario: If Bitcoin manages to break above the wedge’s resistance line with strong volume, it could invalidate this bearish pattern. This breakout could not only push Bitcoin toward the critical $100,000 level, but also open the doors to new all-time highs beyond $100,000. A sustained bullish momentum could fast-track Bitcoin’s trajectory to $131,000 or higher as early as 2025.
What to Watch:
🔹 Volume: Decreasing volume during this wedge formation may confirm a bearish breakdown, while a volume spike could signal a breakout.
🔹 Support and Resistance: Watch the wedge’s lower boundary for breakdowns or the upper boundary for breakouts.
🔹 RSI & Momentum: Overbought RSI levels could support a bearish case, while bullish divergence would favor upward momentum.
Bitcoin remains at a critical juncture, where the next major move will determine whether the bulls take us into uncharted territory or if the bears will temporarily seize control.
Either way, this is a pattern to watch closely. Stay tuned for updates as we monitor Bitcoin’s next steps! 📉📈
Now, looking at the current chart, Bitcoin seems to be forming a rising wedge, a pattern often associated with bearish reversals. While the price is still trending upward, the converging trendlines suggest momentum may be weakening. This raises the possibility of a breakdown. But, there’s another side to this story.
Key Takeaways:
1️⃣ Bearish Scenario: If Bitcoin breaks below the wedge’s support line, we could see a sharp pullback. Based on the height of the wedge, the downside target could align closely with the $78,000 zone I mentioned earlier.
2️⃣ Bullish Scenario: If Bitcoin manages to break above the wedge’s resistance line with strong volume, it could invalidate this bearish pattern. This breakout could not only push Bitcoin toward the critical $100,000 level, but also open the doors to new all-time highs beyond $100,000. A sustained bullish momentum could fast-track Bitcoin’s trajectory to $131,000 or higher as early as 2025.
What to Watch:
🔹 Volume: Decreasing volume during this wedge formation may confirm a bearish breakdown, while a volume spike could signal a breakout.
🔹 Support and Resistance: Watch the wedge’s lower boundary for breakdowns or the upper boundary for breakouts.
🔹 RSI & Momentum: Overbought RSI levels could support a bearish case, while bullish divergence would favor upward momentum.
Bitcoin remains at a critical juncture, where the next major move will determine whether the bulls take us into uncharted territory or if the bears will temporarily seize control.
Either way, this is a pattern to watch closely. Stay tuned for updates as we monitor Bitcoin’s next steps! 📉📈
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.