Bitcoin Price is Close to Break Down Upward Wedge Pattern

Bitcoin price is in upward wedge pattern. Even Bitcoin price went up 95K, it could not break up the top level of this pattern and Bitcoin price reversed down. There was mini curve uptrend line on Bitcoin price chart and It was broken down yesterday. The bottom level of upward wedge pattern supported Bitcoin price at 89K.

Here you can see daily chart of Bitcoin price. You can see the importance of the bottom level of this pattern. If it is broken down, we may see huge price drop on Bitcoin price chart. 100-day moving average supported Bitcoin price and It is hard to break up this major resistance in short time.

Here you can the indicators on daily chart of Bitcoin price. There was mini uptrend pattern on RSI Indicator. There was mini uptrend line on this indicator and It is broken down. This is why I warned you about possible price drop on Bitcoin price chart.

There was also mini uptrend line on MACD Indicator and It is broken down. Fisher Indicator also broke down miniuptrend line.

These major indicators broke down uptrend lines. So, it is impossible to share bullish analysis on Bitcoin price chart.

Even Bitcoin price went down from 95K to 89K, it is not the end. We may be the beginning of price drop.

We will see..