BTC wants some extreme volatility soon
During the last year, BTC has created a big wedge we're currently in. In about 10 days, it'll run out of space, forcing the market to choose a direction in the meantime. 7140 level turned out to be important, when acting as support it produced +21%, +86% and +40% moves. Since it got lost, it acts as a resistence now, trying to regain it for more than 1 month. The topside of the wedge is also coming close, so those 2 events combined (if happening), will produce a juicy pump. My most obvious target is 8502 in the bullish case (stopping below that will show that the move is starting to get weaker), but eventually I hope to see a test of 10419 level, putting us back in a clear bull market.
On the downside, 6482 level allowed us to keep a long term uptrend, starting from the lows of December 2018. This is my first downside target, if the bottom of the wedge gets broken. But then, things can get ugly, as this level looks already exhausted, so there might be new buying interest at all in that region. This will leave us to the historical relevant area of 5800-6000, where I'd put my "real" first buy, in case downtrend prolongs.
Enter your position only when the wedge decides in which direction it wants to go. This will clearly be exiting to watch in the next few weeks.
On the downside, 6482 level allowed us to keep a long term uptrend, starting from the lows of December 2018. This is my first downside target, if the bottom of the wedge gets broken. But then, things can get ugly, as this level looks already exhausted, so there might be new buying interest at all in that region. This will leave us to the historical relevant area of 5800-6000, where I'd put my "real" first buy, in case downtrend prolongs.
Enter your position only when the wedge decides in which direction it wants to go. This will clearly be exiting to watch in the next few weeks.
Trade closed manually:
Taking my profits at $8300, not risking it for additional $200.