BTCUSD → H&S breakdown. Triangle + Wedge. Waiting for growth

3 cze 2023

The BTC had previously formed the H&S reversal pattern, but it does not work and the bulls regain control of the 26700 level, forming a bearish wedge, which might provoke a bullish momentum.

The price makes a false break-down of the level of 26700, which is a strong support and forms a consolidation above the line. The market is in a consolidation phase after an active rally. The fundamentals component of the crypto direction has been getting better news lately than just neutrals.



It will take quite a while for Bitcoin to overcome the 28,000 area, which has long held the price back, the 30,000 level and the resistance of the uptrend channel. If the price moves out of the range, bitcoin will form a strong rally to 35000.



A related set-up is forming on the daily chart: a triangle and a wedge. The resistance of the figures is similar and the support area is very different. But the fact that we do not see a fall after the rally gives us hope for more growth.

MA-200 acts as a strong support and MA-50 as a resistance, which might be tested again soon.

Strong support: 26700, 25400 (global level).
Strong resistance: wedge resistance (triangle), 28200
I expect the continuation of consolidation in the range, but in connection with the prerequisites mentioned above, I assume that in the medium term bitcoin will continue its growth to 31000 and to 35000

Sincerely R. Linda!