Hello Everyone,
I wanted to discuss the Rising Wedge pattern BTC has broken down from.
Now these trendlines I have drawn since March 2022 and is now being validated.
BTC has broken down from the wedge, also breaking the monthly level of 16,142
I have two scenarios. please see the following:
1. We continue to the downside finding support at the next monthly level of 9,447
2. We retrace to the upside, followed by a failed retest and continue down to the monthly of 9.447.
Either way, the continued move to the downside is inevitable.
I do not see anything bullish about this long historic chart.
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BTC made a nice retracement to the upside, currently using the liquidity level of 16,868 as support.
If we see a continuation to the upside tomorrow, I would be looking into opening a short at the 18,884 level.
Which is the 1.618 fib extension AND the previous range's VAL.