BTC is at a high risk of forming a falling wedge pattern if it fails to hold the 100 MA support.
For the past few days, BTC has been following the rising wedge pattern, and as we all know that after every rising wedge pattern comes the falling wedge pattern. If BTC successfully bounces back from this level then we can confirm that this ain't the end of the rising wedge. We may see the BTC price going higher but if it breaks below the 100 MA and the next upcoming candles are closing in red then it will surely be the end of the rising wedge pattern.
The market sentiment is showing a bearish move and we could call it a correction after a rise in the market. We still have 50 mins for the candle to close in 4 hours TF and to stay bullish, it'll be important to close above the 100 MA.
On the other hand, if you are willing to short BTC then I would suggest waiting for the candle to close.
What's your point of view? What do you think about the current market? Will it fall or will it bounce back?
Let me know in the comments.
For the past few days, BTC has been following the rising wedge pattern, and as we all know that after every rising wedge pattern comes the falling wedge pattern. If BTC successfully bounces back from this level then we can confirm that this ain't the end of the rising wedge. We may see the BTC price going higher but if it breaks below the 100 MA and the next upcoming candles are closing in red then it will surely be the end of the rising wedge pattern.
The market sentiment is showing a bearish move and we could call it a correction after a rise in the market. We still have 50 mins for the candle to close in 4 hours TF and to stay bullish, it'll be important to close above the 100 MA.
On the other hand, if you are willing to short BTC then I would suggest waiting for the candle to close.
What's your point of view? What do you think about the current market? Will it fall or will it bounce back?
Let me know in the comments.