Dangerous pattern forming here on Bitcoin right under the 8/1 Gann Fan would be very careful on longing here , I like rising wedges on Bitcoin they play out most of the time .
Have to wait for more confirmation before pulling the trigger on this short.
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Rising Wedge still in play waiting for confirmation .
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If this rising wedge breakdown happens , there is going to be a huge move down
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Still in this wedge .
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SPX rolls over more in the open today , could see this wedge breakdown.
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breakdown starting
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target 41k
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Price testing bottom support of wedge and finding it as resistance now , invalidation would be a close above 44200 , if not target is still 41k.
@hodlethephone, for me rising wedges on bitcoin play out most of the time , will see wait for a breakdown
Hellstorm2
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I disagree with your idea. Your target should be closed. It has passed.
Why
1. The market valuation cycle, 2. Network activity, 3. The bitcoin halving, 4. The macroeconomic perspective, 5. Bitcoin spot ETF approval and 6. Growing stablecoin liquidity,” analysts at CryptoQuant said.
Sporia
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@Hellstorm2, thank for your input , I dont use any of those metrics , I just use indicators and patterns and charts , rising wedge is bearish pattern that is the only fact I need to know for this trade
MyCryptoParadise
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A cautionary stance is advised on Bitcoin, which is showing a rising wedge pattern near the 8/1 Gann Fan – a situation often seen as precarious for initiating long positions.
JustTyrex
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is difficult but I think soon happen
Sporia
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@JustTyrex, indeed , high risk short but still not got confirmation , maybe we will get it maybe we dont