Ironman8848

BTC - D1 - RISING WEDGE IN PROGRESS ! WARNING !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Looking at the D1 time frame there is a potential rising wedge formation in progress !
Below KS (34'970) and MBB (34'570) and currently around TS (34'320).
Watch carefully at today's price action as a failure to recover above KS on a daily closing basis would add further
pressure to the downside,
A move below 32'500 on the downside would be the first warning signal about the rising wedge formation above mentioned an a breakout confirmation of this important support level would open the door for a big drop of roughly 6'700 points, towards a technical target of 25'800 !!!
WATCH CAREFULLY AT SHORTER TIME FRAMES H4 TO M15 TO GET MORE CLUES AND INTERMEDIATE SIGNALS OF VALIDATION OR INVALIDATION ON^F THIS POTENTIAL RISING WEDGE IN PROGRESS.
Have a nice trading week
I am on holiday and I only will give you time to time updates :-)
Have fun and all the best
Take care
Ironman8848



Technical analyst Expert since 1991. Member of the Swiss Association of Market Technicians (SAMT).
https://ironman8848.com/VIP/