Rising Wedge Breakdown Threatens $7K Bitcoin Price Target

  • 2
  • 12

Rising Wedge Breakdown Threatens $7K Bitcoin Price Target On Wednesday Bitcoin (BTC) price surged higher alongside traditional markets which were likely propelled by the Senate’s approval of the $2 trillion economic stimulus bill aimed at providing relief to businesses and workers impacted by the coronavirus pandemic. The price rejected at $6,959, just a stretch away from $7,000 before pulling back to $6,491. Looking at the shorter time frame, one can see that the price is simply bouncing off the support and resistance trendline of the rising wedge pattern and continuously encountering resistance at $6,970.

Comments

Leave your comment