Rising wedge has formed on the daily chart for BTCUSD, this is a bearish pattern. Included a fractal for a possible retest of the low Fib EMA, forming a higher low. I think the main reason for this pump is to attract new investors, as said on chart. With the US on the brink of a recession I doubt BTC has the capacity to act as a hedge just yet. While bitcoin is within the wedge expect alt coins to rise. The cryptocurrency market has an advantage as it is open 24/7/7 which allows for change on the basis of futures, and on weekends when trading is unavailable.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.