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.
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the breakout happened with huge volume. Is it real or false ? can't decide yet.
Trade closed manually
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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.
You have picked up a new follower. thanks for sharing these ideas. I dont suppose you could add a BSV idea? BSV against USD or BTC? By far my largest holding...
DecisionDoji
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@xdwingdx, I do not support BSV but ok I'll try if I see something good to publish on it.