Daily BTC analysis (rising wedge pattern) bearish resolution
Hello traders,
Sorry for not posting yesterday. I was still trading and caught a nice long from $45,450 and closed it already and have shorted once again.
Summary:
1) breaks downtrend from ATH’s causing a $7000 pump.
2) fills the future’s CME gap at $48,000.
3) forms a rising wedge.
4) retesting the rising wedge support is around $43,333.
5) retesting the downtrend from ATH’s will take us below $40,000.
6) if $43,333 holds it’s possible we see a fake out anywhere from $49,000 - $52,000 to get a 3rd validation point on the rising wedge’s resistance.
7) if not retesting the downtrend from ATH’s is the likely scenario, which previously said is currently below $40,000.
If you are interested in hearing about my trades more send me a message on here and we'll talk about the details.
Stay safe, eventually this rising wedge will break to the downside which has an 88% chance of doing so in terms of probabilities which will bring us down below $40,000 to retest the downtrend from ATH's, however I'll be looking for a short term bounce around $43,333 before officially breaking the wedge.
Not to mention the momentum oscillator (stoch rsi) is overbought and has been since July 24th in confluence with a bearish divergence.
Sorry for not posting yesterday. I was still trading and caught a nice long from $45,450 and closed it already and have shorted once again.
Summary:
1) breaks downtrend from ATH’s causing a $7000 pump.
2) fills the future’s CME gap at $48,000.
3) forms a rising wedge.
4) retesting the rising wedge support is around $43,333.
5) retesting the downtrend from ATH’s will take us below $40,000.
6) if $43,333 holds it’s possible we see a fake out anywhere from $49,000 - $52,000 to get a 3rd validation point on the rising wedge’s resistance.
7) if not retesting the downtrend from ATH’s is the likely scenario, which previously said is currently below $40,000.
If you are interested in hearing about my trades more send me a message on here and we'll talk about the details.
Stay safe, eventually this rising wedge will break to the downside which has an 88% chance of doing so in terms of probabilities which will bring us down below $40,000 to retest the downtrend from ATH's, however I'll be looking for a short term bounce around $43,333 before officially breaking the wedge.
Not to mention the momentum oscillator (stoch rsi) is overbought and has been since July 24th in confluence with a bearish divergence.