Rising wedge? (BTC) bearish pattern most of the time
Hello friends & community,
I've spotted a rising wedge, now sometimes these patterns do break up but historically they're bearish patterns that break to the downside and retest market structure level of support which in this case would be around $48,000 - $49,000.
I'm not really trading yet, still got a few things in real life I'm dealing with but wanted to point it out and start getting a feel for the market going into 2022.
Please like/comment to show your support.
đź‘Ť
I've spotted a rising wedge, now sometimes these patterns do break up but historically they're bearish patterns that break to the downside and retest market structure level of support which in this case would be around $48,000 - $49,000.
I'm not really trading yet, still got a few things in real life I'm dealing with but wanted to point it out and start getting a feel for the market going into 2022.
Please like/comment to show your support.
đź‘Ť
Trade active
Trade active
Inverted.Trade active
Knew it wouldnt break down and hold right away.
Note
Nothing has changed.
Trade active
Daily momentum oscillator is still very much so overbought, a squeeze could be next.
Keep in mind deviation of the highs (or lows since this is a inverted chart) doesn’t need to happen before continuation to the downside. We’ve already broke the structure and retested, sometimes that’s enough. I’m just always ready for both scenarios with this pattern.
We could dump to $47,000 by November and still be in the uptrend channel that started July 20th, if that level doesn’t hold $45,000. Usually when the overall market sentiment is in a euphoric state of mind (greed & fomo) these big moves tend to happen, but I’m open to both sides. This also aligns with the rising wedge.
Yes we could still break ATH’s in Q4 2021/Q1 2022 but there’s currently a CME gap in the zone of $32,975 - $34,500 that eventually has a fill rate of 95% certainty over time. (TA posted later today)
A wise man once said “the masses are always wrong” and the overall market sentiment (fear / greed) is a good way to get a reading of the masses. The market can stay irrational for weeks before finally capitulating the market, which is why I’ll be focused on big swings from now on.
High leverage trading is dangerous because often times the market will allow you to go on a win streak to build up confidence then liquidate your entire account with one squeeze.
Have a great day.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.