DESCENDING WEDGE FOR BITCOIN
Updated
So, recently we broke down on the pennant everyone was watching. As you can see in the chart above, it might break out bullish. Time will tell
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BTC Heading over to the support level of the wedge. Let's see if we are able to hold at ~$6250. If we don't hold on this level, we might be in for some more correction.
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So far holding on the support level. If we break, next level of support will be 5800-5900. Might even go lower than that.
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Did in fact hold on the blue line. Bounced of it for now, but got a push of the line with low volume. Will probably hover arround the 6500 level for some time before going down again. Lots of resistance at the 6550 level...
Could test the blue line again but might not hold as investors are waiting for a clear direction. For now, im playing the waiting game to see if this isn't a bull trap.
Note
Previous support has now become resistance. Also low volume, will probably fall down and retest the blue line.
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