Quite frankly, the triangular setups in bitcoin have been spectacular! Here we have a small falling wedge and 2 potentially more significant formations, a diamond formation and a large rising wedge!. Some speculate that players will wait until the futures expire tomorrow but unless market goes the current wedge route, it is running out of room! Some action is eminent it appears.
I cannot tell which way price will go. My preference would be toward forming the larger and more significant rising wedge, hence a break upwards toward that trend line. But of course, that doesn't matter. I would likely place stop orders on either side of the current formation, for a $100 anticipated gain on the short side (toward bottom falling wedge boundary), and a $300 anticipated gain on the long side. About $100 in risk initially, although once it breaks one way risk could likely be halved.
On another note, as linked, GBTC NAV premium is deflating. This usually precedes an upward move however there is certainly room to go. See linked script
I cannot tell which way price will go. My preference would be toward forming the larger and more significant rising wedge, hence a break upwards toward that trend line. But of course, that doesn't matter. I would likely place stop orders on either side of the current formation, for a $100 anticipated gain on the short side (toward bottom falling wedge boundary), and a $300 anticipated gain on the long side. About $100 in risk initially, although once it breaks one way risk could likely be halved.
On another note, as linked, GBTC NAV premium is deflating. This usually precedes an upward move however there is certainly room to go. See linked script
