The break of the descending wedge resistance does not invalidate the pattern, it merely shifts the resistance to the parallel linked to the top of the sell-off creating a larger descending wedge. As such, the breach extends the wedge apex lower, thus providing a lower target price for short positions and a better entry for long positions.
Trade Plan: the target price is revised back down to 37.9k, which coincides with the 0.618 fib retracement of the BTC July-Sept 2021 rally and the 100% fib extention of this correction.
Trade Plan: the target price is revised back down to 37.9k, which coincides with the 0.618 fib retracement of the BTC July-Sept 2021 rally and the 100% fib extention of this correction.