The #BTC/USD pair is forming a rising wedge, it is a bearish pattern while many are referring a reversal pattern such as an inverted head and shoulders (H&S) pattern. A pattern is not a pattern till it gets complete. That makes me surprised when TAs are talking about possible, a possible inverted head and shoulder pattern. Read their TAs, a possible/ The basic rule is that you never call for a possible pattern unless you are coming from the future. The chart is talking for itself. It does not need a pattern prediction. We see clearly a bearish pattern, a wedge. BTC has played this game for many times. Taking the price down by 2k and then give a bit of hope to bulls. Where is the bottom? no one knows. If the wedge breaks down, We will see the retest of the broken trend-line as the temporary support at 5k levels. This game becomes more possible as long as #BTC is trading below $7,040 levels.
This is the same for ETH, LTC and BCH charts.
This is the same for ETH, LTC and BCH charts.
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Well, hello ladies and gentleman! Here we are again! just 3 days ago, I called to short Bitcoin. Now, #BTC is trading at $6,180 levels at the time of the writing this quick update! The mid-term trend is still bearish. BTC even failed to break $6,400 levels and $6,250 levels did not hold either. All telling me the given scenario is in play still and it made all our short positions in a good profit so far. We still keep that position. I will update you soon. Stay tuned.
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