Here is quick update to BTC price action. As You see on chart we have Broadening Wedge - Descending which is a part of handle in C&H (inverted).
Price behaves correctly - at least 2 touches on top trendline and 2 touches on bottom trendline. This pattern most of times finishing with upward breakout but that happening during bull market - and we are certainly not there. For bear market - our position - breakout downwards resulting with 25% decline on average, which would be correct as that is 5800 support.
If price recover and start climbing to top line the last hope is fib retrace level of 62% and that is placed at 8500 region. If that is crossed then it means that BTC might break upwards.
Please remember that BW is a part of bigger formation C&H and because of that there are more chances for downwards breakout.
Broadening wedge (descending )
–– Price trend – it can be up or down leading to formation
–– Shape – Megaphone tilted down. Both trend lines sloping down.
–– Touches – for full valid pattern there has to be at least 2 touches at the top line and 2 touches at the bottom line
–– Volume – usually trends upwards.
–– Average prise rise/decline – 24% / 25%
Percentage meeting price target for the bear market is 34% – which means that 1 in 3 patterns will decline 25%. It's not optimistic but gives us idea that price might not reach our target and can revers direction quicker.
IF YOU LIKE TRADING IDEA SMASH THAT LIKE BUTTON!!! IT'S IMPORTANT.
DON'T BE TIGHT - GIVE A LIKE
This information is not a recommendation to buy or sell.
Price behaves correctly - at least 2 touches on top trendline and 2 touches on bottom trendline. This pattern most of times finishing with upward breakout but that happening during bull market - and we are certainly not there. For bear market - our position - breakout downwards resulting with 25% decline on average, which would be correct as that is 5800 support.
If price recover and start climbing to top line the last hope is fib retrace level of 62% and that is placed at 8500 region. If that is crossed then it means that BTC might break upwards.
Please remember that BW is a part of bigger formation C&H and because of that there are more chances for downwards breakout.
Broadening wedge (descending )
–– Price trend – it can be up or down leading to formation
–– Shape – Megaphone tilted down. Both trend lines sloping down.
–– Touches – for full valid pattern there has to be at least 2 touches at the top line and 2 touches at the bottom line
–– Volume – usually trends upwards.
–– Average prise rise/decline – 24% / 25%
Percentage meeting price target for the bear market is 34% – which means that 1 in 3 patterns will decline 25%. It's not optimistic but gives us idea that price might not reach our target and can revers direction quicker.
IF YOU LIKE TRADING IDEA SMASH THAT LIKE BUTTON!!! IT'S IMPORTANT.
DON'T BE TIGHT - GIVE A LIKE
This information is not a recommendation to buy or sell.
Comment:
price touching wegde - looks like going down