DrDovetail

Higher low? Or breakdown confirmation of rising wedge?

BITFINEX:BTCUSD   Bitcoin
We have to dip under 6.8k to forma lower low and hand control back to the bears. If not we will simply form a higher low. There's a chance we can bounce back up into the rising wedge but if this current 4hr candle closes here or lower there is a very high probability it will trigger the breakdown that can potentially send us back inside the weekly descending triangle pattern. Let's hope by the time it reaches the 1 day 200ma that we see a bounce it seems like once it gets there the 4hr rsi will be hitting the oversold zone so a bounce there is possible..however if the breakdown from the rising wedge is triggered it will only be a dead cat bounce at most. Hopeful that we bounce up from there and prevent going back into the triangle.
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