Technical analysis by QuantumDivergence about Symbol BTC on 8/5/2023

Bitcoin has had a very ominous pattern forming since the swing low, with some quite bearish long term momentum. The 50 and 200 weekly EMA's however, are currently within 2% of each other, which typically lends itself to an incredible amount of volatility on more local timeframes. Buckle up. It might be about to get WILD in here. If the rising wedge plays to its measured move it has the potential to bring us all the way back home. I personally am looking toward the 200w EMA for solid support if we end up losing this current level. If we were to bounce from the 200 EMA, it could eventually have us dragging the 50 period EMA to cross above it which would likely be very bullish.