Technical Analysis
Good Morning!
It finally happened: we broke the lower leg of the rising wedge. The flash dip almost hit $50k.
Bitcoin BTC (daily)
So far, the retracements are all above the baseline (blue line), which makes me think we have a chance of a quick recovery. In case we lose the battle, though, the next support will come in at the upper band of the cloud, which is (again) roughly at the $50k level.
To be fair, I think that if we start trading below the baseline (and have a closing bar below it), we will return to the wider range of $44-$50k. The more pressing question is what altcoins will do during that time? With some coins currently quite strong, I think there is a chance of some decent rotation from BTC into altcoins.
I am also curious to see if general yields across the various DeFi platforms will come down on the back of lower yields in BTC and ETH.
Is the bull run over? In my view: not at all. In terms of the daily chart, prices can correct down to the $44k level easily without hurting the bullish structure.
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