Here's a quick look at the 8 hr. BTC chart.
Upon closer examination of the current market price, it appears that a larger rising wedge pattern is being formed. While the price has recently attempted to break below the rising wedge, it is important to note that a break to the downside could potentially trigger a decrease to 25k. If we get a daily candle close below the wedge, then the downside scenario is likely to play out!
Moreover, it is worth emphasizing that the resistance level between 31k and 32k holds significant importance in the current market context. If this barrier is successfully breached, it is highly likely that the price will continue to rise and reach the 35k threshold. On the other hand, if the price breaks out to the downside from the rising wedge pattern, a drop to 25k would seem to be a more probable outcome. Therefore, it is crucial to closely monitor the movements of this wedge pattern to make informed investment decisions.
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Recent Altcoin trades:
ARB / USDT: 30% profit!
ROSE / USDT: 5% profit!
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About our trades:
Our success rate is notably high, with 10 out of 11 posted trade setups achieving at least their first target upon a breakout price breach (The most on TW!) . Our TradingView page serves as a testament to this claim, and we invite you to verify it!
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Follow me for daily profitable trading setups.
BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!
Upon closer examination of the current market price, it appears that a larger rising wedge pattern is being formed. While the price has recently attempted to break below the rising wedge, it is important to note that a break to the downside could potentially trigger a decrease to 25k. If we get a daily candle close below the wedge, then the downside scenario is likely to play out!
Moreover, it is worth emphasizing that the resistance level between 31k and 32k holds significant importance in the current market context. If this barrier is successfully breached, it is highly likely that the price will continue to rise and reach the 35k threshold. On the other hand, if the price breaks out to the downside from the rising wedge pattern, a drop to 25k would seem to be a more probable outcome. Therefore, it is crucial to closely monitor the movements of this wedge pattern to make informed investment decisions.
-------------------------------------------
Recent Altcoin trades:
ARB / USDT: 30% profit!
ROSE / USDT: 5% profit!
-------------------------------------------
About our trades:
Our success rate is notably high, with 10 out of 11 posted trade setups achieving at least their first target upon a breakout price breach (The most on TW!) . Our TradingView page serves as a testament to this claim, and we invite you to verify it!
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups.
BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!
Comment:
Comment:
Broke below the rising wedge, went down to 27k as expected!
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