edwnjos99
Short

Rising Wedge Breakout, Potential Short.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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6
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We have clear rising wedge formation and a breakout to the down side. Looks like a good short position. Be careful though, we are in a long term bull market and we just had a $1000 pump since the bounce from 9.7k, we could be in the beginnings of a trend reversal and this could be a bear trap.
Jul 02
Comment: didn't add much details to get it out asap but basically the target area would be around 9.7k. We got strong resistance around the 11100-11300 area, major support around 10.5k and another support around 10.3k.
Jul 03
Comment: it was a bear trap! Next major resistance around 11.8, then we might see a pullback. If we dont see a bigger correction to at least 9k then we are likely in another bubble. To be in a healthy bull market you need at least 40% pullbacks.

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