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A Technical Correction Underway, Anyway

As covered earlier, there was a higher probability that bitcoin is trending inside a Rising Wedge, a bearish continuation pattern.

➖The pattern suggests that the BTC/USD pair would continue its correction until it hits the Wedge Support. The same level coincides with the pair’s 200-daily moving average, which makes it an ideal level to attempt the next upside retracement.

➖However, the price would break out from the Wedge range upon hitting its apex, to the downside. Such a move could crash bitcoin to approx $7,000.

➖On the other hand, a break above the Wedge would have bitcoin eye a close above $10,000.