Big Rising Wedge on BTCUSD
As shown in the picture you can see an evident rising wedge in formation on BTC.
Possible targets for the likely breakdown are: 21.5k, 20.5k and 18.5k areas. My personal targe is 18.5k area, it correspond with rsi oversold area and 0.618 fibonacci level.
The intermediate cycle (about 50day) is weak and we see some strength in the price only at the opening of the 10day cycle that has started shown his strength today and could stay strong for other 3-5 days.
The price could hold at those levels (23-25k) for 1, 2 weeks max and then start correcting.
Possible targets for the likely breakdown are: 21.5k, 20.5k and 18.5k areas. My personal targe is 18.5k area, it correspond with rsi oversold area and 0.618 fibonacci level.
The intermediate cycle (about 50day) is weak and we see some strength in the price only at the opening of the 10day cycle that has started shown his strength today and could stay strong for other 3-5 days.
The price could hold at those levels (23-25k) for 1, 2 weeks max and then start correcting.
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