After breaking the falling wedge today, following by breaking the support of the triangle, it looks like BTC is going to dip further down.The EMA Ribbon was broken on 1H, 2H, 4H Timeframe, which usually is an extremly bad sign and shows a short term trend reversal. The MACD was bearish crossed earlir today and the RSI on weekly still to quite high...
As we can see on the chart, a falling wedge pattern seems to be forming within the triangle. For now, we need to wait for a break out to enter a position. When I say a breakout, this include a retest of the resistance or support. Here are the two different scenarios that could play out as well as my take profit target
BTC has been showing some weaknesses going above the 40K area in the past 24hours.
- The 1H candle shows several attempts to go above but all closed below with some wicks. Furthermore, then only 1H candle that almost closed above was immediately followed by a bearish one.
- Most Indicators are still showing that the correction is not finished or...