BTC - 4H Update
Hello Everyone. This is an Update to my post "BTC - Rising Wedge Pattern to Watch". Please refer to this idea for additional information and targets.
Here is the 4H timeframe where it looks like we have broken down from our rising wedge. So far we have had 2 RETESTS to our old support trendline now looking like a new resistance trendline. If we are to breakdown our measured move of this rising wedge would be $23,800-24,000 with some liquidity confluence around $24,800-25,200.
If we want this potential bearish pattern to be negated then we would want to see BTC close a 1D candle above our bottom trendline confirming it as support on the 1D. That is what you should be watching for at todays daily close. Happy Trading!
Here is the 4H timeframe where it looks like we have broken down from our rising wedge. So far we have had 2 RETESTS to our old support trendline now looking like a new resistance trendline. If we are to breakdown our measured move of this rising wedge would be $23,800-24,000 with some liquidity confluence around $24,800-25,200.
If we want this potential bearish pattern to be negated then we would want to see BTC close a 1D candle above our bottom trendline confirming it as support on the 1D. That is what you should be watching for at todays daily close. Happy Trading!
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