FOLLOWING up on my previous two ideas for this present BTC 1H chart. I indicated two days ago of this present triangle/ wedge that is formed. It is still following course.
We see since May 19 the downward trend pattern. I have indicated the highs and lows since May 19. We saw high of near 42K and low around 28K. If you look at the present wedge we are in, we have touch the price high of around 35K within this wedge. 35K is around middle of the 42K and 28K range isn't it? Everything is now squeezed into this wedge and BTC will have to make a decision soon: UP or DOWN.
Within this present wedge we do see a lot of action in the bottom part of the wedge and not much on the top portion. Take this and the highs since May 19, we can see that bulls are having a hard time bringing BTC price back up over 40K, therefor my guess is that by the near end of this wedge, we will see a drop in price (SHORT). We may see a fake up to the upside. If so, the fake pump could reach 37-40K then drop in price quickly from there.
If you want to SHORT:
SHORT ORDER: 34.8K - 35.5K
SL: 36K - 36.3K
TP: as you see fit.
NOT FINANCIAL ADVICE.
GOOD LUCK.
We see since May 19 the downward trend pattern. I have indicated the highs and lows since May 19. We saw high of near 42K and low around 28K. If you look at the present wedge we are in, we have touch the price high of around 35K within this wedge. 35K is around middle of the 42K and 28K range isn't it? Everything is now squeezed into this wedge and BTC will have to make a decision soon: UP or DOWN.
Within this present wedge we do see a lot of action in the bottom part of the wedge and not much on the top portion. Take this and the highs since May 19, we can see that bulls are having a hard time bringing BTC price back up over 40K, therefor my guess is that by the near end of this wedge, we will see a drop in price (SHORT). We may see a fake up to the upside. If so, the fake pump could reach 37-40K then drop in price quickly from there.
If you want to SHORT:
SHORT ORDER: 34.8K - 35.5K
SL: 36K - 36.3K
TP: as you see fit.
NOT FINANCIAL ADVICE.
GOOD LUCK.