Falling wedge incoming SHORT liquidation run

As most thought we would dump to 7600 i remained bullish as this was nothing more then a slight

correction and a great buying opportunity for the next move up on bitcoin . The 4hr stochs look set

to test higher as well as the 4hr MACD looking to cross bullish . Local resistance can be found at 8500

to break out of the FALLING WEDGE . We have currently formed a measured move to 8900-9000 which

is my target currently though we must break above 8730's which has been a rejection point. If you are

looking to trade this pattern and are not already in a long position i would wait for a break above 8500

as well as a 4hr candle close above 8500 from there a target of 8700 would be safe to assume. I expect there

to be a short liquidation run resulting in a pump. When we have short positions in the market it can act as a catalyst

due to price nearing there entries or stop losses resulting in closing positions by having to buy long

which can fuel a pump.


Thanks everyone for your support, LiquidMEX

Comment:

BTC has hit resistance at 8514 and tested the resistance line of this falling wedge. It is likely the next 4hr candle will break BTC past its line of resistance. If broken expect the next resistance zone of 8570-8630.

Current positions

Swing account
Position - Long
Entry - 8250

Scalp account
Position- Long
Entry - 8370

Comment:

LTF market struture