Bitcoin is currently showing some bullish price movement after the break of the parallel channel. And we have already met our price target from the break of channel, which was around 50K. As the price is moving up, it's creating an ascending wedge pattern. The ascending(rising) wedge pattern is a bearish chart pattern that signals an imminent breakout to the downside. So we can expect a break of the wedge shortly and a descent pullback. If it happens, pullback would be about 7-8%. I won't recommend trading against the trend, but go for it if the price action meet your entry criteria for a potential small short trade.
Is there any number you expect to go to. 7 to 8 percent drop. I have to get a calculator.
Jeggs_
⋅
@alexdageek1, You can use the price range tool after it breaks out. The reason I didn't mention any particular price target was because it still has some room to go up. So it's better to calculate it after breaks out.
Jeggs_
⋅
I'll leave a comment and let you know if it breaks out :)
alexdageek1
⋅
@Jeggs_, i watched a youtube video from some guy and he said the 51583 level has to hold. Also i was kind of expecting a rising wedge, I drew one in my chart, but i think I drew it to early. Anyways it looks like its getting a rejection at that level. I wish I had time for this but I have to sleep for work tomorrow lol.