Rising wedge broke down with price now consolidating in a triangle.
This one has a bearish bias but with BTC you never know.
I currently closed my short, will be trading a breakout With a proper, valid retest.
Goodluck, a deep one may be coming.
Ciao traders ,
While my last shared BTC trade was a short, I was too busy with alt coins to follow that trade up with a long,
however, we're looking fairly strong on the higher tf's. I will buy a break of the upper resistance, as well as a potential retest of the 'stair' trendline.
sometimes I say, a chart says more than a thousand words, wouldn't you agree?
I currently favour a break to the upside with a retest of this 2-month symmetrical triangle based on the MACD turning bullish and the MA's being in a good position. We have about a week before the triangles reaches it's apex so I might publish an update rather soon.
However If a...
Price broke down the rising wedge, backtested, now are we going back in or back down?
1. 50K (yellow)
2. 44K (blue)
I currently favour downside as it completes the trend reversal pattern that is the rising wedge.
Without a doubt this is a rising wedge as price contracts and narrows as it gets higher forming a slope up thus the whole...