Bitcoin Price Action Analysis of BTCUSD pair, 30m
Price broke down the rising wedge, backtested, now are we going back in or back down?
Two scenario's:
1. 50K (yellow)
2. 44K (blue)
I currently favour downside as it completes the trend reversal pattern that is the rising wedge.
Without a doubt this is a rising wedge as price contracts and narrows as it gets higher forming a slope up thus the whole structure has a bearish bias.
Two scenario's:
1. 50K (yellow)
2. 44K (blue)
I currently favour downside as it completes the trend reversal pattern that is the rising wedge.
Without a doubt this is a rising wedge as price contracts and narrows as it gets higher forming a slope up thus the whole structure has a bearish bias.
Sit back and enjoy the ride
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