BTCUSD. Preparation for Pump
The market produced a fake breakdown of Blue (Resistance) – Red (support) wedge, currently price is trading inside the wedge. Briefly, strong markets do not behave like this.
What’s in the background?
Previously, I wrote:
My outlook remains bearish. But bulls are demonstrating that 7k has enough demand to reject attacks of bears. While price hold below 7300 – selling ideas should have a priority.
As bulls were capable to push the bitcoin price higher than 7300, we have to consider the demand is strong beneath the bars.
More confirmations – from cluster chart.
- SLKB under 7k
- SLKB under 6900.
- Demand Bar. Bears Trapped. No chance to escape.
Fast recovery from 6900 up to 7300 gives a strong indication. This is typical behavior for the bullish change in character.
What is next?
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