Bitcoin CME future ( $BTC 1! 1D) obvious wedge is obvious
Every good thing must come to an end. Bitcoin is trending up since December 2019 in what now most definitely look like a rising wedge.
The previous trend was Down from 14k high so I will be very cautious about the direction of the breakout off the pattern. Depending on direction of the breakout it can be either indicative of a new uptrend or in most case a continuation of the prior downtrend.
The bitcoin volatility seems to be up ticking and volumes are quite high but nor RSI nor Stochastic has cracked yet.
As time goes by, I will keep you updated on the evolution of the chart, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said from the chart.
Due to the volatile nature of the cryptocurrencies market, it can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decision or activities.
The previous trend was Down from 14k high so I will be very cautious about the direction of the breakout off the pattern. Depending on direction of the breakout it can be either indicative of a new uptrend or in most case a continuation of the prior downtrend.
The bitcoin volatility seems to be up ticking and volumes are quite high but nor RSI nor Stochastic has cracked yet.
As time goes by, I will keep you updated on the evolution of the chart, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said from the chart.
Due to the volatile nature of the cryptocurrencies market, it can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decision or activities.
Trade closed manually:
So it seems the breakout was a real one an leaded to a decline.
A rising wedge is not a very faithfull pattern so I think it is wise to take profite now to those that were on the sell side.
there is a confleunce of support here and the stochatic is in is lower zone.
I would not exclude trying another sell after a healthy bounce.
this idea is closed. I will not any new update on it.
So it seems the breakout was a real one an leaded to a decline.
A rising wedge is not a very faithfull pattern so I think it is wise to take profite now to those that were on the sell side.
there is a confleunce of support here and the stochatic is in is lower zone.
I would not exclude trying another sell after a healthy bounce.
this idea is closed. I will not any new update on it.
the breakout happened with huge volume.
Is it real or false ? can't decide yet.