Bitcoin must NOT break below this wedge

Bitcoin must NOT break below this wedge

Bitcoin / Dollar BITSTAMP:BTCUSD


Bitcoin             has been firmly within this gently descending wedge since January 20th. Today is likely to mark our third attempt on its rising support level and the Stochastic RSI shows us nicely primed for an impending rise back up to wedge resistance at $8750 over the next few weeks – and possibly through it for a nice bull run.

However, BTC             has been at the floor of the StochRSI for most of the past three weeks and has really struggled to get any kind of buying momentum… it is key that Bitcoin             does not push through the support over the next few days, or this wedge may well turn into a descending channel . What do you foresee – incoming bull run or a push further down?

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