Bitcoin and the wedge pattern

Bitcoin is challenging the upper wedge pattern boundary. This is an important test for bulls. Recapturing the $8,200-$8,500 resistance area would be a big step for another move towards $10,000 and higher. A rejection at current levels could price BTCUSD back towards $6,000 and possibly lower.

Red lines- wedge pattern

BTCUSD is bouncing strongly around the major Fibonacci retracement level of 61.8%. Will the wedge boundary resistance break? Short-term trend is bullish as price has reversed at $6,500 and is making higher highs and higher lows since December 17th. Support is at $7,200-$7,000 area and if we see price break below this level, we should confirm the rejection and the chances for a move below $6,000 will be high.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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