Just a quick idea of how things might turn out on coming days/weeks.
The idea is that BTC would breakdown from the big rising wedge to a target of ~7850. there is decent area of support and BTC could possibly bounce from there to form inverse head&shoulders/ big cup and handle, then continue towards 11500.
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I believe we will see the move out of the rising wedge little before the weekly candle closes. My bet is on BTC breaking down, but it will be very aggressive, no matter which direction it goes.
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Still very clear indications that the break will happen to downside any time now. Looking at 1h DMI, MACD, nothing has changed since yeasterday and the indications are still bearish.
Althought it seems very likely that we break to the downside, its never a bad idea to hedge your shorts. I have my shorts opened above 9000, and I have hedged it with little amount of BTC with a tight stop loss.
As I said yeasterday, the movement to break the rising wedge will very likely to be very rapid, no matter the direction.
Althought it seems very likely that we break to the downside, its never a bad idea to hedge your shorts. I have my shorts opened above 9000, and I have hedged it with little amount of BTC with a tight stop loss.
As I said yeasterday, the movement to break the rising wedge will very likely to be very rapid, no matter the direction.