BitcoinLong
BTC - Bullish Wedge - Upturn Soon?
BTC looks to be inside a descending wedge (blue) which is generally bullish as the price consolidates into smaller and smaller price swings.
There seem to be two support lines:
1) a longer-term line (purple) which served as major resistance going up (at least 4 times over the past few weeks), but which has recently become support at least twice (June 22 and again today), and
2) a shorter-term line (yellow) which has held for about 5 days now.
All of these lines seems to show $10,500 as a major area of support, which was tested today and held. There isn't much room left inside the current wedge, and since we're at those support levels, BTC seems ready for an upward retracement back to $14,000 soon. Let's hope!
There seem to be two support lines:
1) a longer-term line (purple) which served as major resistance going up (at least 4 times over the past few weeks), but which has recently become support at least twice (June 22 and again today), and
2) a shorter-term line (yellow) which has held for about 5 days now.
All of these lines seems to show $10,500 as a major area of support, which was tested today and held. There isn't much room left inside the current wedge, and since we're at those support levels, BTC seems ready for an upward retracement back to $14,000 soon. Let's hope!
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