Deftsuo

Classic bearish right-angle broadening wedge on BTC. $7100 soon?

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BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC /USD is currently forming a textbook bearish continuation right-angled broadening wedge pattern; and we are now in what would be the final push up (potentially toward 8400-8500) before an eventual break of the support zone around 7800/7900 with a measured move around the $7100 region; which is confluent with historical price action and in the vicinity of the 50 week moving average. This lines up with the notion of redistribution before further downside continuation following the high-volume break-down from the 9k region. I will show some additional charts below adding further bearish confluence in the comments down below.

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-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.



Comment: Here is a website that shows various types of broadening wedges. My post is focused on 5&6 in the Article: https://excellenceassured.com/trading/tr...
Comment: Turning on some key daily moving averages (200 day EMA in blue, 21 day EMA in purple, and the 377 day EMA in grey) we can see BTC has a very nice trading range it is currently respecting. We are currently finding resistance at the daily 21 EMA in purple:
Comment: Looking at the inverted chart; this looks like bullish (bearish) consolidation before further upside (downside) continuation:
Comment: Update:

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