FrenchRandomGuy

Falling wedge broke on Bitcoin, what's next ?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
The chart above says a lot. We have been breaking out from the daily falling wedge . We are sitting on a interesting zone. This zone has been the resistance of May’s bull, the support of June pull back, and a zone of bounce when BTC broke this area.

We can call this area as an important Support/Resistance flip.

We are now supported by MA200 which has been an historical support/resistance line. If we break this Moving Average, I expect Bitcoin to fall around 8,600.
While sitting on this zone, I can expect Bitcoin to bounce to test 10,000$ again.


While making this review, it is interesting to watch the Weekly Chart. The last green candle makes an engulfing candle breaking the falling wedge .
Overall this is bullish , and even more when we consider that the weekly candles both closed above the support area .
Trade active: I have opened 2 Shorts.
Trade active: First Stop has been taken. I moved second stop a bit above the wick and let it run.
Trade closed: target reached: Target succesfully reached
Trade closed: target reached: https://www.tradingview.com/chart/XBTUSD...

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