Bitcoin: Rising wedge holds the key to future direction

Bitcoin Scope Markets

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It’s been topsy turvy for Bitcoin in the last couple of weeks as it seems traders will have to wait for a while before a bullish momentum will grace the market.

After seeing the latter months of the first half of the year (2021) witness a massive sell off in Bitcoin and other crypto currencies, it seems the digital currency can’t maintain it’s gains after making recovery above $30k price level, making it quite confusing on where its future direction lies. Price went as high as $41k mid-June with the expectation of more moves to the upside but much of that vanished as price reversed to the downside, going below $30k price level but still managed to close above it.

Currently, price is trading within a rising wedge on the 4hr time. A break out on either side will determine future direction of price. However, Bitcoin’s bullish trend still remains intact as far price stays above $30k. Anything below this level will send serious panic among crypto Holder’s as this will send other coins into a free fall.

*For your ears only*

Whispers have it that George Soros (if you have not heard about him just click here), his investment fund company is reportedly interested in trading Bitcoin.

Bitcoin technical outlook

Bitcoin 4h time frame Scope Markets

Adegbotolu Kehinde Erastus – Market and Research Analyst

Disclaimer: The article above does not represent investment advice or an investment proposal and should not be acknowledged as so. The information beforehand does not constitute an encouragement to trade, and it does not warrant or foretell the future performance of the markets. The investor remains singly responsible for the risk of their conclusions. The analysis and remark displayed do not involve any consideration of your particular investment goals, economic situations, or requirements.

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