On the anniversary of its all time high, Bitcoin has staged a rally in the face of a global risk off environment. Near the apex of the falling wedge pattern over the past month, you see some heavy sell volume which might signal capitulation. Investors in this cryptocurrency have been on a roller coaster ride, myself included, and the news flow has been nothing but negative for months. But one man’s trash in another man’s treasure and post breakout of the pattern you can see buyers stepping in at reduced prices…
Simple measured move analysis would take us to about $4200 in the near term in BTC/USD and that may revive further interest in the crypto universe once again.
I’m excited to see what happens.