Overall I'm pretty bearish on BTC and expect a test of 10K before any up-ward movement. However I do like to TA both sides and highly recommend people to take up this practice.
There is a few expected outcomes if this Falling Wedge pattern playout like it should. We currently have support at the 0.786 Fib-Extension Level ($17597), if we test this level and get a bounce then we are expected to break out of the wedge giving us an expected target of 24K-25K (0.618 Fib-Extension Level). Here I do expect a retest of the 0.786 Fib-Extension due to the strong resistance of both the 100 and 50 day EMA before then breaking out to test future resistance.
Scenario 2 we the fail to hold the 0.786 Fib-Extension Level this will mean a test of the bottom trendline roughly at the 15-16k level before any upwards movement to breaking the wedge. Personally I agree with this Scenario 2 more than the former, even though we have the Fib-Extension support I do not believe this is strong enough to maintain a break out. We are more likely to have a bounce off this support level just to be rejected at the top trendline then on our way down to a key level of 16K~ where things we will get interesting.
17560 is very strong support and it's the peak of 2017 you can not break this if u try to will lose money. Didn't u see the volatile and reverse back from 18300 yesterday. It's clease if weeekly candle doesn't close below 17560 tha. Longing is the safest side than shorting
BearPiggy
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@waqarasiya1996 I would of argued that 19k-20k is stronger support and that area hasn't been able to hold it. I see a bounce happening off this support but just like last time it won't amount to much... Also what do you mean by "peak of 2017"? If you mean peak price then your wrong... that was 19K~ so unsure why you're assuming this support is strong?