This is one of many scenarios, both bull and bear, but with about a 70% chance of this rising wedge breaking bearish, it just makes sense for me to post this possibility first.
The common scenario for a rising wedge, if bearish, is to fall out the wedge, retest, and then fall further. In this case I have drawn out the previous resistance box and we find confluence at the point BTC could fall out. That being the case, the retest would be anywhere within that boxes range before a tumble further.
NOTE: I am overall bullish on BTC, but in the short term, I do think we have some ways to go further - see my Mega Bear chart. No worries though, the cheaper it gets, the more we ladder our buys for our long holds!
The common scenario for a rising wedge, if bearish, is to fall out the wedge, retest, and then fall further. In this case I have drawn out the previous resistance box and we find confluence at the point BTC could fall out. That being the case, the retest would be anywhere within that boxes range before a tumble further.
NOTE: I am overall bullish on BTC, but in the short term, I do think we have some ways to go further - see my Mega Bear chart. No worries though, the cheaper it gets, the more we ladder our buys for our long holds!
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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.