Bitcoin is trying to get high on 4/20 hehe. Let’s take a look at this wedge pattern that seems to be giving bitcoin some juice.
So, the idea with a wedge pattern is that price is making higher lows which shows that buyers are coming into the market and buying up the dips. Meanwhile, resistance is holding at the 226 price level. Eventually, price will smash into that resistance level and buyers could take over. We are very close to this happening, and if bitcoin could break up out of 226 then we could be headed significantly higher.
We have been talking about how the longer a market consolidates usually brings about a bigger breakout, so let’s look at some potential
240, 252, and 262 are key resistance levels should bitcoin break out to the bullish side. We have talked a lot in the past about the 215 and 200 downside targets.
Overall, bitcoin is in a very choppy, range bound market right now and it is behaving pretty odd. The best bet would be to wait for a clear break out of 215 on the downside, or of a 230 breakout on the upside. You will miss some of the move, but price is only 8 dollars away from those targets anyways, and it does pay to be careful and not force trades.
Every Monday, I make a weekly forecast video on my YouTube channel that goes further in depth on my view for the upcomming week. You can check it out here:
Good Luck Good Trading
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