The previous trend line resistance for the wedge is now acting as support as go into the mid and upper 40's. This is normal for a s/r to flip however what I find weird is the candle we saw earlier dipping inside the wedge and bounces off the support.
Previously I had stated that the 10-11th of august is a deciding day for BTC as we are likely to test the 200dma and it is the meeting point of the wedge.My fear is that the candle earlier exposes weakness in the support and that if tested again we may fall into the wedge where we remain before falling down. This ties into my previous idea about supply takeout and how if we don't reclaim this area we bounce down. The wedge deadline gives us time and actually supports us up to this area while still providing an area for us to fall.
Also previously stated that if 45 is not claimed then we may see a down fall quickly diving into the many fvg we have left on this quick assent. While I remain neutral I'm still very open and more opposed to any idea that 45k will be an easy absorption
@starniark, not really failed , it dipped over 1k and would be a valid trade , you would have a tp and remove the risk so that a sl being hit dosent matter !
Nej2018
⋅
Remember when i said the top is 45174 mr hamster. Btw nice analysis on the wedge and the findings, i dont think a lot of us would have seen that
ollie_oz
⋅
@Nej2018, perhaps you said the top was there haha . And thank you , I try my best :D