Bitcoin: Is This the Bottom of a Falling Wedge?
Bitcoin (BTCUSD) has been trading within a Falling Wedge pattern since the February 28 low, currently below the 1D MA50 (blue trend-line) while finding support at the 1W MA50 (red trend-line).
Throughout its +2-year bullish Channel Up cycle, Bitcoin has formed six similar Falling Wedges, all below the 1D MA50, each leading to strong bullish breakouts. Historically, the 1D CCI has also been at similar low levels before major rebounds.
Past rebounds from these patterns have ranged from +26.68% to +106.96%, suggesting an immediate target between $96,800 and over $150,000. Given that BTC has now touched the bottom of its long-term Channel Up, similar to the formations of September 6, 2024, and September 11, 2023, the probability of a stronger rebound remains high.
Do you agree with this analysis? Let me know in the comments!
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