Bitcoin Rising Wedge Pattern May Bring Trouble for Bulls; Drop Expected

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Bitcoin failed to shoot past $50,000 on Sunday despite a growing bullish sentiment towards the said upside target. Instead, the benchmark cryptocurrency alerted about a potential bearish reversal after forming what the technical chartists call a “Rising Wedge” pattern. The BTC/USD exchange rate inched higher in recent days while leaving behind a trail of higher highs and higher lows. Its move formed two upward sloping trendlines that converge towards a single point called “apex.” Technically, the structure constituted a Rising Wedge formation, which typically leads to a price breakdown. Bitcoin breaks below the Wedge support. Source: BTCUSD on TradingView.com The downside target in a Rising Wedge comes out to be equal to the maximum distance between the structure’s upper and lower trendline. In Bitcoin’s case, the length is almost $5,500 that puts its Wedge’s bear target roughly near $43,000 in the coming sessions. Dissenting Signals Bears are not in complete…

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