BTCUSD FAKEOUT POSSIBLE BREAKDOWN
Updated
Hi.
So BTC tried to push up out of descending wedge pattern, just to hit resistance at around 34.4k which pushed it back into the wedge.
In my view, the area we need to watch closely is 31.4-31.5k to hold as support, if that breaks we are testing 30k again and quite possibly the bottom of the wedge at around 28k.
As of now, probably best to wait and see what BTC wants to do, you can try a dead cat bounce scalp from 31.5k area with tight stop just under 31k.
Very choppy enviroment for BTC
P.S. I'm using FTX exchange, which kind of made me stop using Binane and Kraken, could not recommend it enough.
Check FTT and SRM for longer term spot buys, Sam Bankman-Fried is an incredibly smart and successful quant trader in whom I truly believe
to make amazing projects.
If in need, here is my referral for FTX exchange: ftx.com/ (5% fee discount)
*not investment advice*
So BTC tried to push up out of descending wedge pattern, just to hit resistance at around 34.4k which pushed it back into the wedge.
In my view, the area we need to watch closely is 31.4-31.5k to hold as support, if that breaks we are testing 30k again and quite possibly the bottom of the wedge at around 28k.
As of now, probably best to wait and see what BTC wants to do, you can try a dead cat bounce scalp from 31.5k area with tight stop just under 31k.
Very choppy enviroment for BTC
P.S. I'm using FTX exchange, which kind of made me stop using Binane and Kraken, could not recommend it enough.
Check FTT and SRM for longer term spot buys, Sam Bankman-Fried is an incredibly smart and successful quant trader in whom I truly believe
to make amazing projects.
If in need, here is my referral for FTX exchange: ftx.com/ (5% fee discount)
*not investment advice*
Note
We possibly test the upper trendline of the wedge as res, could be good short entry for a scalp to 31.5k as TP, so roughly a 1.5k move.
Note
Have no idea what this is, it+s either an epiiiic short squeeze or a sh*t ton of money made on DOGE was just funneled into BTC
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