Hello Friends,
Bitcoin continues to respect the supporting trend line of this ascending broadening wedge.
If this plays out to the end, the target price will be all the way up to $10,800-ish.
If Bitcoin decides to fill the CME Futures Gap and replicate a vicious red wick back on the 17th of May, we might see this wick reach the $7,144-ish level.
If we get a red daily candle close below the 0.236 Fib level ($7,683-ish level), we might continue to move lower.
The ascending broadening wedge may lose its pattern and convert into a horizontal broadening wedge pattern. This may now turn into either a bullish or bearish pattern.
Price action respects Fibonacci levels and Bitcoin may always choose to hit the Golden Fibonacci Retracement Level of 61.8% ($5,400-ish), so never let your guard down.
Place your stops at the appropriate levels.
Happy Trading.
Bitcoin continues to respect the supporting trend line of this ascending broadening wedge.
If this plays out to the end, the target price will be all the way up to $10,800-ish.
If Bitcoin decides to fill the CME Futures Gap and replicate a vicious red wick back on the 17th of May, we might see this wick reach the $7,144-ish level.
If we get a red daily candle close below the 0.236 Fib level ($7,683-ish level), we might continue to move lower.
The ascending broadening wedge may lose its pattern and convert into a horizontal broadening wedge pattern. This may now turn into either a bullish or bearish pattern.
Price action respects Fibonacci levels and Bitcoin may always choose to hit the Golden Fibonacci Retracement Level of 61.8% ($5,400-ish), so never let your guard down.
Place your stops at the appropriate levels.
Happy Trading.
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