Bitcoin continues its bearish journey and hit 29300 the previous days. The price bounces after hitting the low. But it is still not clear either the bearish trend has been finished or it may continue.

If we look at the Daily Time Frame Bitcoin chart, we can clearly see a falling wedge pattern and it is becoming closer by its support and resistance.

Falling wedge patterns have very important in technical analysis especially when it comes to forex trading.

We are expecting a little more bearish movement at this time. Price may drop more to hit the extreme support of falling wedge which is around 22000$.

The price may bounce after hitting 22000$ support and it could hit $40,000 once it breaks the resistance of the Falling wedge.

My suggestion is to wait until the price break the resistance of this pattern.

If you are planning to buy from this break, Please consider buying after the break. If you don’t know where to trade and how to manage. Please have a look at this RoboForex website. It will definitely help you in forex trading.

Please keep in mind, we only consider breaks if prices move above and close above the resistance of the falling wedge in a daily time frame chart.

Please have a look at Daily Time Frame Bitcoin Chart below to get a better picture of price formation.

Bitcoin Daily Technical Chart

Bitcoin Support & Resistance Levels

Support 1: 29300

Support 2: 26000

Support 3: 22000

Resistance 1: 30300