BTC Short : Ascending Broadening Wedge Pattern (1 hr Chart)

BTC formation of ascending broadening wedge pattern on 1 hr chart complete. Price broke out of lower trend line and retraced to 52k (ideal entry). Position setup for short : entry at 51.4K .

Stop loss : 54000 USD


Take Profit : 45500 (ideal)

Comment:

The descent begins. Those with a keen enough eye can see the descending triangle pattern that's been formed. Gives more confidence in the position and says a strong bearish trend is about to begin.

Most investors are moving back to the less risky traditional instruments like bonds as governments ease pressure on interest rates.