Long

Falling wedge might give BTC a break

Updated

Today Bitcoin formed a falling wedge in BLACK dots that could change the game for a short period of time and give a higher high of 42k-44K but I don't expect that to last as I expect the falling of BTC to continue once we get there.
For while BTC was accumulating within the descending triangle in RED, however there is still possibility that this triangle still valid and we may have continuations downwards towards the 26k-24k.

The probability is much higher now that the falling wedge might be more valid than the descending triangle.
Trade at your own risk. Thank you

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Another possibility with a high probability as well to have BTC play it within the BLUE falling wedge to give the bulls the bounce from 28.4k upwards to 40k level before heading down again. Again even the bad stock with no fundamentals can rebound or what we also call it a dead cat bounced. We are due for this before heading down. Also if you realized that the dump is so slow and not an elevator down dump. It's a more convincing to me that we are going to have this bounce from on of these falling wedges.

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Typing error* It's a more convincing to me that we are going to have this bounce from one of these falling wedges.

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Another reason why we may have the bounce from 28.4k. Look above at the chart on Dec 27th 2020, we have resistance at this level $28377, that resistance is going to act as a support now for the bounce.

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Another thing to support my idea, look at the Crypto total Market Cap chart.... You will see that the level of support about 5% down from where we are now. Also it's very important psychological not lose the 1T cap for the crypto market.

PatrickHob

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