BTC 1H update shows we are at the top part of the overall declining trend for BTC since May 19. BTC is seen in a micro downtrend within the macro downtrend, but is presently also in a mini upward wedge. We are at a very complex scenario presently. Many resistances and supports are in play.
Two scenarios can play out from here:
1. IF BTC will break out above mini-wedge, it will also have to break out of the main downtrend resistance where after we could see BTC hit 35K, come back down, possible retest 35K, then come back down (as per yellow line). If retest does not bounce back, BTC could climb up to 36-37K.
2. BTC after being rejected several times at the resistance of present wedge, would drop from here down into 30K.
No. 2 is more likely to happen as there are many resistance levels above it's current position. Also the marco downward trend is still very much in play. With the weekend at hand, not much volume in the market so it will be very hard for BTC to climb higher than 35K overall.
SHORT ORDER: 33.5 - 33.9K
SL: 34.5 - 35K
TP: 32K - 31K - 30K
NOT FINANCIAL ADVICE.
GOOD LUCK.
Two scenarios can play out from here:
1. IF BTC will break out above mini-wedge, it will also have to break out of the main downtrend resistance where after we could see BTC hit 35K, come back down, possible retest 35K, then come back down (as per yellow line). If retest does not bounce back, BTC could climb up to 36-37K.
2. BTC after being rejected several times at the resistance of present wedge, would drop from here down into 30K.
No. 2 is more likely to happen as there are many resistance levels above it's current position. Also the marco downward trend is still very much in play. With the weekend at hand, not much volume in the market so it will be very hard for BTC to climb higher than 35K overall.
SHORT ORDER: 33.5 - 33.9K
SL: 34.5 - 35K
TP: 32K - 31K - 30K
NOT FINANCIAL ADVICE.
GOOD LUCK.