Over the last week I've made a couple of analyses on BTC and the rising wedge pattern it was trading in. In my last analysis I expected some kind of oversold bounce into a new sell-off.
Seeing that we've moved almost 9% in less than 24 hours makes me question whether we should look for going short.
My bounce area (blue) has been reached, but we're blasting through it. Seeing that we're currently reaching overbought levels on the 4H timeframe, today's a make it or break it day for the bears.
If Bitcoin bears can't push through and move us back down, I see it likely that BTC will make a new local top, target at 32,000 for now.
Let's see what today will bring.
Seeing that we've moved almost 9% in less than 24 hours makes me question whether we should look for going short.
My bounce area (blue) has been reached, but we're blasting through it. Seeing that we're currently reaching overbought levels on the 4H timeframe, today's a make it or break it day for the bears.
If Bitcoin bears can't push through and move us back down, I see it likely that BTC will make a new local top, target at 32,000 for now.
Let's see what today will bring.
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