Bitcoin | BTC falling wedge - breakout or further dump?
Hey everyone,
I hope you're doing fine despite the current market.
BTC has formed a falling wedge on the 4H time frame over the last couple of days. It's currently in the process of testing the upper edge of it, after being rejected by it just a couple of hours ago.
If BTC can close above $39.2K, we have a valid breakout attempt. That's our main level to watch right now. Until then I will stay neutral.
Should we loose the bigger white dashed trend line as support, there is a very big chance that we're going to test lower levels and flip the lower edge of the falling wedge into resistance. The more often we test this bigger white dashed trend line, the higher the risk that it's not going to hold. Once we lose it, it would lead BTC towards $33K - 34.4K.
If this area doesn't provide support, we will see BTC go towards $27.6K - 28.8K and test the June and January 2021 lows. After that it's $22K - 24K.
Let's see how this plays out.
Thanks for your support.
Have a good one.
I hope you're doing fine despite the current market.
BTC has formed a falling wedge on the 4H time frame over the last couple of days. It's currently in the process of testing the upper edge of it, after being rejected by it just a couple of hours ago.
If BTC can close above $39.2K, we have a valid breakout attempt. That's our main level to watch right now. Until then I will stay neutral.
Should we loose the bigger white dashed trend line as support, there is a very big chance that we're going to test lower levels and flip the lower edge of the falling wedge into resistance. The more often we test this bigger white dashed trend line, the higher the risk that it's not going to hold. Once we lose it, it would lead BTC towards $33K - 34.4K.
If this area doesn't provide support, we will see BTC go towards $27.6K - 28.8K and test the June and January 2021 lows. After that it's $22K - 24K.
Let's see how this plays out.
Thanks for your support.
Have a good one.
Comment:
Could also take the other path:
