TraderEye Market View: Bitcoin's move is starting

Tuesday, June 18, 2024

Bitcoin's move is starting - a bit late after Ethereum

A Japanese 4-hour morning star pattern broken out within a bullish wedge technical pattern could allow a comfortable upward bounce for Bitcoin allowing it to come out of its slumber and sense interest in it in light of the dramatic development in the regulatory process of cryptocurrencies in the US.

Attached is a graph of the 4-hour bitcoin price illustrating the spectacular technical event at the beginning of its path against the patterns mentioned.:

Showing the gap in the correlation between Ethereum and Bitcoin in an hourly graph, you can clearly see the gap created in favor of Ethereum, which started the upward movement before Bitcoin:

Attached is a descriptive model of a bullish wedge technical pattern:

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