jacobcanfield

Bitcoin - Wedge Structure With a Potential For One More Drop

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello Traders!

The end of this wedge set up is closing in within the next 3 days.

Bitcoin is yet again forming another potential ABC Bear Flag Formation as it has two previous times.

We also saw a strong support/resistance flip as it tested both the diagonal and resistance as well as the horizontal resistance.

Currently we are sitting on the 78.6% fibonacci level and sitting within the RSI wedge on the 4 hour time frame.

I'm not in a position at the moment and may look for a long position on a breakout from the wedge and a potential short scalp if we break the 78.6% level.

Ideally, the best entry here may be at the $3350-$3390 zone after a 4% drop.


The main bullish point I see is the TD 9 on the 3 day is showing a buy candle, which is the 4th time in the past year since it hit the $20,000 high.

We REALLY need this 200MA hold on the weekly to maintain any bullish hope for the short term and mid term.


I'll be updating over the next 5 days as we see this wedge structure play out.

Let me know what you think below and where you see Bitcoin's price heading.
Comment: Currently at the downtrend resistance and looking to either break up or down from here.

I'm seeing a lot of people go long on Twitter, which makes me think we'll get a stop run.

The volume is so low that the price can get moved either direction. I'm watching buy walls popping up right now, but would not be surprised for a stop run in both directions.

I am still flat with no trade on Bitcoin at the moment. This to me looks like a coin flip and I don't trade coin flips. I trade higher probability set-ups.

🏆 Get Margin Trading And Altcoin Trading Setups Today -> https://www.signalprofits.com