This looks pretty textbook. Price has been bound in a rising wedge for almost 3 months. Bearish div on the RSI. Volume going down. Looking for the price to break the support trendline and possibly come back to test resistance before continuing down. This is one possible way it could play out but it is virtually guaranteed it won't be exactly as shown.
In the longer term BTC is looking bullish so depending on how it bounces I'll be looking for a long setup after all the sellers and over-leveraged longs are flushed out.
A break of the resistance trendline would invalidate the setup.
In the longer term BTC is looking bullish so depending on how it bounces I'll be looking for a long setup after all the sellers and over-leveraged longs are flushed out.
A break of the resistance trendline would invalidate the setup.
Trade closed: stop reached:
And that's a wrap. The wedge has been very convincingly invalidated. Price broke out the top on volume. Considering that the price broke up out of a bearish consolidation, I'm expecting a lot more up from here in the next few months.