BTC - Falling Wedge Update - Getting Close to the Apex!!
Rather than add more updates to my existing analysis as it is getting rather long winded I decided to create a fresh one to plot the rest of our journey down the falling wedge .
We are currently forming a small symmetrical triangle that will send us down to 5560ish. We will then trek sideways a bit longer, before hitting former support/now resistance 5770ish before our final descent closer to the apex. From here we will finally launch up towards our target around 6750-6850 before retracing again (probably to a level closer to the April low before bouncing away).
Short until we get close to the apex then long on a confirmed breakout!
Please note: The target I have added is based on the height of the falling wedge; therefore it will move slightly depending on the exact point we breakout. If we are closer to the apex then the height will obviously take us a little lower. Conversely, if we break out earlier the height will take us higher.
We are currently forming a small symmetrical triangle that will send us down to 5560ish. We will then trek sideways a bit longer, before hitting former support/now resistance 5770ish before our final descent closer to the apex. From here we will finally launch up towards our target around 6750-6850 before retracing again (probably to a level closer to the April low before bouncing away).
Short until we get close to the apex then long on a confirmed breakout!
Please note: The target I have added is based on the height of the falling wedge; therefore it will move slightly depending on the exact point we breakout. If we are closer to the apex then the height will obviously take us a little lower. Conversely, if we break out earlier the height will take us higher.
