April 2nd Technical Analysis: Bitcoin
Even though Bitcoin has traded back into the Rising Wedge, we’re not seeing a whole heck of a lot of conviction from the bulls.
The current daily candle is an inside bar and if a higher high or lower low isn’t established before the daily close, then we’ll see a confirmed inside bar.
This would mean the next daily candle has a clear entry zone for a long and short, but right on the lower trendline.
No matter which way this market decides to move, there will be many, many people on the wrong side of the trade stung.
Prices at time of publication:
Bitcoin price in pounds, BTC/GBP: 43,265.42 +752.24 (+1.77%)
Bitcoin price in euros, BTC/EUR: 50,814.39 +747.21 (+1.49%)
Bitcoin in dollars, BTC/USD: 59,815.87 +1,310.60 (+2.24%)