Hey, folks. BTC is at another critical point here, close to the tip of another wedge (blue).
The last time this happened (green) was just a couple of weeks ago. At that time, BTC broke to the downside when it neared the apex of the wedge. That was because the new trend (the shorter green line) was descending, while the older trend (the longer green line) was ascending. In most cases, the new trend overpowers the old trend. So the descending short line took over from the ascending long line.
This time, the new trend (the shorter blue line) is ascending, while the old trend (the longer blue line) is descending. The new trend eventually overpowers the old trend. We should see a nice breakout to the upside soon. When that happens, the new upward trend would likely turn into another long upward trend like the previous long green line. This means the next uptrend should last a month or more.
The last time this happened (green) was just a couple of weeks ago. At that time, BTC broke to the downside when it neared the apex of the wedge. That was because the new trend (the shorter green line) was descending, while the older trend (the longer green line) was ascending. In most cases, the new trend overpowers the old trend. So the descending short line took over from the ascending long line.
This time, the new trend (the shorter blue line) is ascending, while the old trend (the longer blue line) is descending. The new trend eventually overpowers the old trend. We should see a nice breakout to the upside soon. When that happens, the new upward trend would likely turn into another long upward trend like the previous long green line. This means the next uptrend should last a month or more.