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01.03.202118:41 Forex Analysis & Reviews: Bullish technical pattern in BTC/USD

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BTC/USD is trading around $48,000 after a pull back towards $43,000 during the weekend. Price has formed a downward sloping wedge pattern and is now breaking out of it. As long as price is above $43,000 we could see a move to new all time highs towards $60,000.

Red lines - wedge pattern

BTC/USD has broken out of the wedge pattern and usually when such break outs occur, price moves towards the start of the wedge pattern. The entire pull back from $58,258 could very well be just a pause in the bigger up trend and that is why give importance to this break out. This could be the start of the next upward move towards $60,000. Support is found at recent low at $43,117. Price has broken also above recent high of $48,313 that produced the $43,117 low, breaking the sequence of lower lows and lower highs.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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