Bitcoin (BTC/USD) Signals Falling Wedge Breakout to Retest $58,000

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Bitcoin opened this week in positive territories, looking to recapture its record high levels after crashing to its three-week lows in the previous session. The benchmark cryptocurrency was up 4.70 percent ahead of the London morning bell, hitting an intraday high shy of $47,500 after bouncing off its 200-4H simple moving average wave. Its sharp pullback also helped it broke above a descending trendline resistance that comes as a part of a Falling Wedge pattern. In retrospect, traders perceive Falling Wedges as bullish reversal patterns that form when an asset slips lower while forming a sequence of lower highs and lower lows. That ends up making two converging trendlines. Traders realize a bullish bias when the asset convincingly breaks the Wedge’s resistance, accompanied by higher volumes. Bitcoin Above $50,000 On Monday, Bitcoin posted a similar resistance breakout, with its volumes on a four-chart stabilizing alongside. The move upside signaled that…

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