PrimeXBT
Short

BTCUSD "THE CORRECTION" 03-06-2019

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The same move as the analysis on ETHUSD , THE RISING WEDGE CHART PATTERN.
The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend. Regardless of the type (reversal or continuation), rising wedges are bearish . More to that, is the bearish div on the daily frame as well Volume trend downward 79% of the time until the breakout.
Breakout can be in any direction but is downward 60% of the time. The pattern confirms as a valid one when price closes outside one of the trendlines . Wait for a close outside one of the trendlines before taking a position. Which has just happened.
A test of near support levels measured by the height of the rising wedge will be used to calculate the short position.
After hitting the target at $7946, the next target at $7302 which will be valid when price consolidates more within the first targets zone.
TARGETS TO KEEP AN EYE ON ARE:
$7302.17 down to $6812.81
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
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