electricalPyth84860

Bitcoin liquidity grab after break of falling wedge

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin is preparing to dump again, we can get agressive rebound after liquidation of more accounts or we can get huge panic with revisiting lower supports.
-With bullish rebound we can expect formation of lower high creating right shoulder of head and shoulders pattern.
-With dump we can expect 39000 btc slowly showing signs of bear market.
I do not think this is good trade setup because this situation can be easly manipulated and your trades can be stopped out.
Comment:
Wedge broken upwards, but it was not bottom sign.
Everyone expects rebound after such formation of bottom so it will not be a bottom.
We need more liquidations if we want move upwards.
Then we need consolidation at lower levels.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.