Tastemaker

Falling Wedge on BTC weekly

POLONIEX:BTCUSDT   Bitcoin / Tether USD
This is a very bearish chart idea, so do take it with a grain of salt.

If you measure the fibonacci from the bottom of the last broken parabola, we see the . 786 retracement level around 4.4k. Not only is this a strong horizontal support area , but this also matches up with a potential falling wedge that can be noted. Currently, we appear to be in a bear pennant as we approach the downward resistance line again (on very low volume ). Should BTC continue to track down this wedge , it would be a steep decline until the end of July.
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