In this simplistic view I'd like to share you a broader view on the 2D timeframe of Bitcoin.
Since mid October 2021 we entered a descending wedge formation in Bitcoin price action. Now we broke its upper trendline resistance and test it as support.
The technical target for the formation is around $67,000.
You can see a similar formation starting from early 2021. It's technical target was $63,000 which was perfectly met. After a bull trap move the descent was initiated.
Also note the RSI bullish divergence upon the wedge resistance breakout.
Please like this Idea if you find it interesting :)
Since mid October 2021 we entered a descending wedge formation in Bitcoin price action. Now we broke its upper trendline resistance and test it as support.
The technical target for the formation is around $67,000.
You can see a similar formation starting from early 2021. It's technical target was $63,000 which was perfectly met. After a bull trap move the descent was initiated.
Also note the RSI bullish divergence upon the wedge resistance breakout.
Please like this Idea if you find it interesting :)