RATE Group | Final Wave in Current Bitcoin Rising Wedge Could Target $11,000
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Final Wave in Current Bitcoin Rising Wedge Could Target $11,000

12 May Final Wave in Current Bitcoin Rising Wedge Could Target $11,000

Posted at 03:39h in Bitcoin News by

Tomorrow’s halving helped Bitcoin price make another strong push to $10,000, but the first-ever cryptocurrency failed to breach the key level.

However, according to the structure of a massive rising wedge, there may be yet another wave up to nearly $11,000 before a correction and pullback ensue.

Started From the Bottom: Bitcoin Forms Rising Wedge After Bounce at $3,800

The Black Thursday selloff that rocked the stock market and cryptocurrencies, took Bitcoin price down to $3,800.

There, the leading cryptocurrency by market had a powerful bounce that has nearly reached the highs set prior to the crash in late February.

Related Reading | The Greatest Shakeout: Bitcoin Reclaims Generational Log Curve With 160% Rally 

On the way up, each peak and trough back and forth has formed a rising wedge that points to significant downside in the days ahead.

Rising wedges can form as a reversal pattern within an uptrend, or as continuation patterns within a downtrend.

However, according to one crypto…

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