Double Tops/Rising Wedge

23 Apr 2018

In my last two post I used to the one day chart to try and figure where this might be heading. The volume is drying up and BTC is losing momentum. After looking at the 4 hr. chart it is clear that a rising wedge is forming. BTC keeps touching the very strong resistance at 9000 but is having a lot of difficulty breaking through. Since the bear market started, every run up has been followed by a massive drop. This situation looks no different. In the last couple of months we have had short run ups starting between 6500-7000ish to about 9000 or a little over. After each run up there is a strong sell off and a massive drop in price. I feel there is no reason to believe that this situation could be any different, particularly with the volume being low. I feel that well will at least test the support line of 6500 again and could possibly go lower. All of those predicting 5000 or sub 5000, I would not entirely discount their opinions as those zones are very strong levels of support. I am bullish long term, but bearish short term, especially if we do not break and hold over 9000.