$BTCUSD - Looks like we will head downwards now

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Let us look at what the charts are showing us. Best appreciation would be LIKES on the idea if this helps you.

This is a very simple analysis of the confluence of 2 indicators - Resistance line and the Rising wedge with declining volume .

If you can see the Red line, it has acted as a strong support line for long and now has been acting as a strong resistance line and it lies around 6894$. BTC just made a high of 6893$ and is now resting at 6733$ (at the time of publishing this idea). I think we have another push there and then exhaust.

Further, we also have a rising wedge pattern with declining volume which again is a bearish signal and i think we will break down from 6900-6950$ levels to reach to sub 5000$ levels or may be lower.

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Yo Crypto
Comment: Working pretty well as of now. A daily break below 6450$ will trigger a move down to levels as mentioned above in the idea.


Good catch. One of my favorite patterns to trade because it tends to be so reliable.
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YoCrypto VanBenno
@VanBenno, Yes mate
to the point, thanks
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I broke it down as well, here is my markup
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