Good morning colleagues!

As we can see, last February 21st it tried to break the rising wedge at the high of $58000, but only managed a false breakout, followed by a fall to $45000 on February 28th.

Just 3 days ago BTC saw a lot of downward pressure, breaking the $55,000 support and reaching a low of $50000, where it bounced strongly. I show you below:

The price has broken not only the $55000 support, but also the uptrend line of the wedge pattern. This together with the bearish divergence on the RSI may indicate a major correction is coming.

At the moment the price is near the now resistance at $55000, and making a pullback.

I personally believe that if the price fails to recover above the trend line and resistance at $55000, we are probably going to see a drop below support at $50,000.

The next strong supports, as I show in the image above, would be located at $44000 and $40000, where the high of January 8 was.

I think we should wait for bitcoin's next move. Right now it is in no man's land. And I sincerely hope that BTC corrects, it is the healthiest thing for it and the market. Also for those of us who are holders we will have the opportunity to buy cheaper.

*Best regards colleagues!

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Disclaimer: The information given in this article is only my analysis and personal opinion. Be sure to do your own analysis and research. Trading cryptocurrencies, forex, commodities, etc, is risky.

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