Hi friends hope you are well and welcome to the new update on Bitcoin.
Weekly wedge:
On a weekly time frame, we have a huge development as the Bitcoin ha already broken out a very big falling wedge pattern in the month of Jan 2023.
Key resistance zone.
Now BTC is struggling to break a key resistance zone that starts from $28600 and goes to $30000. This resistance zone has been working as a very long-term support from Jan 2021 to May 2022 and now after the break down it is flipped into a strong resistance. It can be clearly seen that for the last 4 weeks Bitcoin is still struggling to break this resistance. If BTC will be rejected then it can drop at the support of $25000.
Bearish biased pattern.
On a daily time frame, the priceline of the king of all cryptocurrencies 1st broke out bullish biased falling wedge pattern and now it has formed a bearish biased diamond top pattern. At the moment it is trying to break the resistance of this pattern. In case of breaking out this pattern BTC can also breakout the aforementioned key resistance zone from $28.6K to $30K.
Conclusion:
On a weekly time frame we have a very bullish scenario as the priceline has broken out a big wedge and incase of breaking out the key resistance zone, which goes to $30K Bitcoin will be again in a long-tern bull run.
