SHORT ON BTCUSD
1. Bearish ABCD pattern has been spotted.
2. Rising wedge has had a breakout
3. If support fails, then the next stop will be previously tested support which is also the last month's swing low.
BTC has just broken down from a rising wedge, signaling that we will likely have one more dump until we start trending up again. My support level is 38300, which is the 0.618 on teh daily time frame and also previous support.
BTC has formed a rising wedge after bouncing from 44k with low volume. I am anticipating a breakdown to 43k, and my stop is above 46.3k on my short, as that would make a higher high and make the rising wedge much less likely of playing out to the downside.