I have been watching this pattern form for a while now. In my previous posts I called for long positions given a break of the wedge. On the 27th we had a quick false breakout, however we now have out first green daily candle forming well outside the wedge pattern. This is a strong indication that we could finally break to the upside. The downtrend that started on the 10th has now also been substantially broken. We have had multiple daily candles validate the 9500 zone as support and we have posted a 35% pull back from the this rallies high point. Sharp 30%-40% pull backs are a staple of crypto uptrends.
Keep an eye on it! We all know what happens when the buy orders start poring in. There are billions sitting on the sidelines ready to jump in as soon as an uptrend resumes.
Happy Trading!
Keep an eye on it! We all know what happens when the buy orders start poring in. There are billions sitting on the sidelines ready to jump in as soon as an uptrend resumes.
Happy Trading!