BTC/USD Falling wedge breakout?
Updated
Pretty straight forward set up here. The price has been consolidating within a falling wedge formation since the massive spike in volume on October 25th. This wedge is now moving within a very likely area of support. Falling wedges are well documented bullish formations and if we breakout of the formation it will confirm a breakout of the larger wedge we have been in since the high of 14000 around June 26th. If this support holds and we breakout of the wedge formation then I would expect a swift rally to 9500 and further.
Although a move down to 8000 to test the trend line is possible, given the past couple weeks of selling pressure if feel that a move north is coming.
Keep and eye on it!!
Happy trading!
Like and comment on what you think is in store for Bitcoin!
Although a move down to 8000 to test the trend line is possible, given the past couple weeks of selling pressure if feel that a move north is coming.
Keep and eye on it!!
Happy trading!
Like and comment on what you think is in store for Bitcoin!
Note
While I didn't fully expect a dip down to the 8000 area I also did not rule it out. As I stated above it was always a possibility. We found support on the trend line and now is where I would be confident opening a long position.
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