Bitcoin: Green on screen, red behind the curtains?

BTC surging ahead in this bull rally that started last month.
But, there are dangers lying ahead in the form of rising wedge.

Manoj B Rawal Independent Analyst

Bitcoin, the uncrowned King of cryptocurrencies has been rallying up and away in a slow and steady manner, making bulls be happy go lucky while bears find it hard to find their relevance in a bull market that started last month. But all hopes may not be lost for the bears.

BTC/USD is up nearly a percent on day at $5,712 and trading in less than 2 percent range so far. On the 720-minute chart of this largest coin by market capitalisation, it has been rallying steadily making one believe in the bull market rally. But a close look at the pattern may also reveal that there is a possibility of a rising wedge being formed on the charts - potentially bearish for the coin.

If the pattern indeed holds true to its colour, chances of a fast and ferocious red colour being spread on the price of BTC in the next few weeks, taking it potentially towards sub $5,000 mark or even towards $4,000.

BTC/USD 720-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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