Falling wedge broke on Bitcoin, what's next ?
Updated
The chart above says a lot. We have been breaking out from the daily falling wedge. We are sitting on a interesting zone. This zone has been the resistance of May’s bull, the support of June pull back, and a zone of bounce when BTC broke this area.
We can call this area as an important Support/Resistance flip.
We are now supported by MA200 which has been an historical support/resistance line. If we break this Moving Average, I expect Bitcoin to fall around 8,600.
While sitting on this zone, I can expect Bitcoin to bounce to test 10,000$ again.
While making this review, it is interesting to watch the Weekly Chart. The last green candle makes an engulfing candle breaking the falling wedge.
Overall this is bullish, and even more when we consider that the weekly candles both closed above the support area.
We can call this area as an important Support/Resistance flip.
We are now supported by MA200 which has been an historical support/resistance line. If we break this Moving Average, I expect Bitcoin to fall around 8,600.
While sitting on this zone, I can expect Bitcoin to bounce to test 10,000$ again.
While making this review, it is interesting to watch the Weekly Chart. The last green candle makes an engulfing candle breaking the falling wedge.
Overall this is bullish, and even more when we consider that the weekly candles both closed above the support area.
Trade active
I have opened 2 Shorts.[img]
Trade active
First Stop has been taken. I moved second stop a bit above the wick and let it run.Trade closed: target reached
Target succesfully reached[img]
Trade closed: target reached
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