Another wedge forming?

14 thg 6, 2020

Just aiming to highlight the similarity between the situation right now and the previous falling wedge. I've highlighted both the previous wedge and the current potential wedge in orange. Previously we saw two failed attemps at 10k followed by a breakdown, breaking through the 4 hourly ribbon, and forming the bottom of the wedge around 8.8k. Shortly after we saw a strong bounce all the way up to 9.3k finding resistance back on the 4 hourly ribbon. Notice the inversion of the ribbon also. This is all consistant with the wedge I have highlighted on the right, should the price drop from here I would think we could see support around 8.8k, where a bounce is likely.

Ultimately whales dictate the price and I see no reason for whales to be buying bitcoin right now with the uncertainty in the stock market going into the weekend. If the stock market drops, bitcoin will follow as we have seen time and time again.