16 February 2021

TA Tuesday – Rising wedge for bitcoin

Patrick Heusser

Patrick Heusser

Head of Trading at Crypto Broker AG

About the author

Yet another TA-Tuesday with BTC$ just under the $50k mark …

BTC$ (4h)
Over the weekend, I published a short post about a potential rising wedge. It was kind of confirmed, but then changed straight away with aggressive buying at around the $46k mark.

Now, we are back at the top, but seem to be struggling to push through. This makes sense due to the (yet again) very stretched funding and term basis situation in the derivatives.

The bulls need the help of cash/spot buyers to push us beyond the $50k mark. Everyone in derivatives have done their job, and they look exhausted. With no fresh buying momentum, I expect us to consolidate between $44-$50k (dashed lines).

ETH$ (4h)
There is not much inspiration to be seen in this chart. But it is simple.
Stay long above $1,680.

LTC$ (4h)
The month of February showed some momentum for Litecoin. We went from $130 to the top of $230 in just two weeks.

My best guess is that we will see a short consolidation phase in the $200-220 range and then another leg higher.

Here, too, we are in a bullish consolidation phase. A bit of a cooldown is healthy (plus it will help get the gas fees back to more normal levels).

Read more