I have two possible movements on one chart, one long and one short. With the long scenario, if we break upwards, target might be $7,850.00, before a slight pullback before reaching $8,000. Afterwards, the support will be formed from the top of the wedge from whence it broke from.
Conversely, if we we break downwards (short scenario), target for bounce might be $7,450.00, with a slight bounce before making its way to a possible bottom of around $ 6,900 (strong support) to $7,000.00 (previous bottom). This may be the "true bottom" of popular opinion. If we break through this strong support, next target may be mid-to-low $6,000, staying within overall downward wedge.
As with everything though, these are my opinions, don't take them as gospel. DYOR and trade safe.
Conversely, if we we break downwards (short scenario), target for bounce might be $7,450.00, with a slight bounce before making its way to a possible bottom of around $ 6,900 (strong support) to $7,000.00 (previous bottom). This may be the "true bottom" of popular opinion. If we break through this strong support, next target may be mid-to-low $6,000, staying within overall downward wedge.
As with everything though, these are my opinions, don't take them as gospel. DYOR and trade safe.
Comment:
UPDATE: broke downward on the hourly chart. Might be nothing but could see possible movement downward. Will update when decent confirmation.
Trade active:
UPDATE: It appears that BTC has broken out of the bottom of a rising wedge but following the top of another longer rising wedge. There seems to be some sell offs during this period. So my assumption is we might start seeing BTC dip in price. Trade safe and DYOR
