A move below $32k and a break below this wedge would likely mean a continuation lower for Bitcoin. I feel, as I have been saying, that is the direction we are headed.
It appears we are getting a bounce right here at around $32.7k, which could take Bitcoin back to ~$34k in the very near term.
Either way, it seems likely this wedge breaks to the downside. A move above the purple diagonal trend line would mean more consolidation in this range, with the possibility always of a rebound higher. Notice as well the moving averages holding the price down. Bitcoin will also need to break and hold those to make a sustained move higher.
It appears we are getting a bounce right here at around $32.7k, which could take Bitcoin back to ~$34k in the very near term.
Either way, it seems likely this wedge breaks to the downside. A move above the purple diagonal trend line would mean more consolidation in this range, with the possibility always of a rebound higher. Notice as well the moving averages holding the price down. Bitcoin will also need to break and hold those to make a sustained move higher.