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Cryptoknowmics 2022-08-31 07:30:51

BTC Technical Analysis: Will This Wedge Breakout Reach $22K?

According to the technical analysis, BTC price action forms a falling wedge pattern near the $20K mark teasing a bullish breakout with the potential to reach the $21,875 mark. The BTC prices maintain a declining trend, leading to a bearish wedge pattern in the daily chart. Currently, the bull cycle within the bearish pattern increases the possibility of a bullish breakout with the support of the technical indicators. So, should you consider buying Bitcoin at the $20K mark? Key Points: The BTC prices maintain a sideways trend at the $20,000 mark. The RSI slope reverses to rise about the 14-day average line, indicating a surge in underlying bullishness. With a market cap of $390 billion, the intraday trading volume of Bitcoin has increased by 8% to reach $35.1 billion. Source – Tradingview BTC Technical Analysis The BTC prices dropped by 20% within the last two weeks leading to a bearish wedge pattern in the daily chart and crossing the $20,000 mark. However, the buyers regained train control at the support trendline and propelled the market price to above the $20,000 mark. The bullish reversal within the bearish pattern gains momentum, which increases the possibility of a resistance trendline breakout. The daily candle currently displays a bullish growth of 2.74%, which reclaims the psychological mark of $20,000. The sideline traders can expect the breakout rally to reach the $21,875 mark, which acts as the overhead resistance....

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