BTC: Potential Descending Wedge (Updated)

11 thg 9, 2021

The break of the descending wedge resistance does not invalidate the pattern, it merely shifts the resistance to the parallel linked to the top of the sell-off creating a larger descending wedge. As such, the breach extends the wedge apex lower, thus providing a lower target price for short positions and a better entry for long positions.

Trade Plan: the target price is revised back down to 37.9k, which coincides with the 0.618 fib retracement of the BTC July-Sept 2021 rally and the 100% fib extention of this correction.