BTC and ETH trading in a falling wedge pattern
Updated
BTC, as seen on the left chart, has made a smaller falling wedge following the recent decline and has broken it to the upside. I believe that we are within a larger falling wedge both in ETH and BTC marked in red. This is subject to speculation as most TA in crypto. Moreover, I believe that BTC is completing an ABC correction, with a subsequent rise in price and breakthrough of 10,000 dollars.
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BTC is as far as I can judge following the WXY wave formation of the B wave, so I expect a movement to 9200 soon. Ethereum seems to be retesting the trendline of the smaller wedge, it all really depends on Bitcoin here. For me, the likely scenario, is, however, still that we will revisit 8.4k levels afterwards.Trade active
Completing the Y wave within the larger corrective B wave right now, watch out for a consolidation period at the 9.2k price mark and a subsequent retest of the 8.4k lows. Alternatively, we could see the price rise to 9400 (the top of the rising wedge), this, however, is rather unlikely.
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