Bitcoin is About to Break the Wedge, Entering the Rally

Bitcoin is about to enter the new rally as it has almost left the wedge figure, breaking the top of it.

According to economist Raoul Pal (@RaoulGMI), Bitcoin is about to enter the new rally as it has almost left the wedge figure, breaking the top of it.

Image source: Twitter @RaoulGMI

From a technical perspective, Bitcoin is not showing interesting yet. The trading has been taking place in the range of $8,800-$9,700 for 2 months. The trading volume is at relatively medium level, which confirms that neither bulls nor bears are dominating at the moment.

Image source: TradingView BTC

The bearish scenario will become relevant if sellers push Bitcoin below $8,800 and fix there. In this case, the bullish trend that started in mid-March 2020 might come to the end. Bitcoin is trading at $9,428 at press time.

#BTC #Bitcoin Price #Crypto Trading

Saad Ullah E-mail Twitter Facebook

Saad is an engineer with more than a decade of experience in FMCG companies. He loves to write about innovative tech and blockchain.