Bitcoin has been respecting the ascending/descending wedge patterns very well. Definitely well enough to stay profitable if we trade all of them (up and down).
The downward one is under attack right now and if broken I would open a quick short position.
Other possibilities
- consolidation within the borders of the wedge for a while
- breakout on the up side could mean a H&S long target
The downward one is under attack right now and if broken I would open a quick short position.
Other possibilities
- consolidation within the borders of the wedge for a while
- breakout on the up side could mean a H&S long target
Trade closed manually:
If you entered the short on the breakout - my target was 7900 where we have some support because I mostly swing trade. We could continue lower though and there aren't many more support lines in sight, so the doom scenario is possible !