BTC - Watch for Another Leg Down - Rising Wedge

Quick update on Bitcoin:

~ Clear presence of a rising wedge pattern, typically this is a bearish pattern and i would look for further downside in the near-term, should this pattern resolve
~ Price is stalling at the 21 ema
~ RSI is struggling around the 50 mark

I believe we could very well retest the prior lows (as i mentioned in my most recent piece on Bitcoin), watch for a retest of the lows around $3,800 USD as a near-term "worst case."

"This area has also acted as a strong level of support in the past, signaling the 2018 market bottom, i would look for a bounce from these levels, to at least the 9ema, currently around the $6,500 USD mark, at this point i would expect to see another wave of sellers enter the market."

A less bearish pullback would be to between the 50% and 61.8% fib retracement, as this would not necessarily negate the most recent bounce off the lows.

My long-term outlook for Bitcoin remains unchanged, that being said i believe that further selling pressure is not off the table at present time.

-TradingEdge

Comment:

Bitcoin is currently sitting on the 38.2% retracement level, the bulls will want to mount a defense of this level, in order to maintain sentiment.

This may present a near-term entry point.