Breakout Started for Bitcoin Price – Is $52K Price the Next Step?
Sorry Bears, the Bull Market is not over.
The price of Bitcoin has continued its sideways consolidation movement over the past few days. While the range was previously between $46K and $52K, there has been a tightening of the range to between $46K and $50K. Last weekend, on low volume, the price of Bitcoin was at the bottom of the range, with a real risk of breaking the support around $46K.
Breaking that support would take us towards $42K, and that is not the scenario you want to see if you are a Bull.
Over the past few days, we have seen a Falling Wedge pattern in the price of Bitcoin:
I had talked about it quickly on Twitter this weekend. This Falling Wedge was just waiting for one thing: a breakout. This breakout started in the last few hours with the price of Bitcoin jumping above $49K. As of this writing, the price of Bitcoin is at $49.2K.
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