Michael_Harding

Waiting for Bearish Breakout to Support

Short
BITSTAMP:BTCUSD   Bitcoin
Currently price action consolidates on the daily timeframe as traders wait for the wedge breakout. My guess is that we're more likely to break lower as US inflation continues to rise pushing the USD higher and thus BTC lower.

If we get the breakout, personally I'm not interested in chasing the train but will wait for potential buying opportunity around the area I illustrated on the chart.

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