Bitcoin price seems to have held the $19,000 resistance level very tight and because of this a significant bounce could be sparked very soon. However, to trigger another upleg, the bulls will have to remain somewhat silent for now. Therefore, a brief pullback could eventually pull prices lower, which could attract more strong hands to push prices significantly higher.
BTC price has been trading in a steep downtrend since the asset peaked at $69,000. Since then, BTC price has consistently made consecutive lower highs and lower lows and is currently closer to crashing hard from another lower high. A notable drop to the pattern’s lower support could eventually trigger a rally that could pierce the descending consolidation.
Source: Trade View
BTC price is currently trading within a massive falling wedge since the November high, which is a classic bullish reversal pattern. This could further suggest that Bitcoin is on the verge of a massive breakout or that one can see another decline towards lower support, which could likely be the bottom of the cycle.
After trading close to the pattern’s resistance, one can expect a major move in the coming days, either a breakout of the wedge or a bearish continuation and a move towards the wedge support. Therefore, the Bitcoin (BTC) price could see another move down to test the support and eventually recover to break out of the bullish pattern in the next 2 to 3 days.
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