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.
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.
