BTC forming Falling Wedge Chart Pattern
BTCUSDT has been forming a falling wedge chart pattern on the 4h timeframe. Theoretically, falling wedge patterns are bullish patterns and price normally breaks out and above the falling wedge pattern however await price breakout either below or above (and out of) the wedge before entering a short or long position. Price will most likely fall some more before breaking out and above the falling wedge pattern (bullish).
Long: Price breaks out and above the wedge
Set an appropriate take-take profit (such as $42200) and a stop loss (such as $35000)
Short: Price breaks out below the wedge
Set an appropriate take-take profit (such as $31000-$29000) and a stop loss (such as $39000)
Long: Price breaks out and above the wedge
Set an appropriate take-take profit (such as $42200) and a stop loss (such as $35000)
Short: Price breaks out below the wedge
Set an appropriate take-take profit (such as $31000-$29000) and a stop loss (such as $39000)
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