Raisingwedge
BTC in short-term: Small retrace before a big dropBINANCE:BTCUSDT
BTC meets key resistance at $7630, as mentioned in lastest analysis, from now a small retrace is expected. This retracement, is also called as a 'dead cat bounce', might push BTC to $8100 area to finished fourth wave, will following by a massive sell off that might end up at $6700 (Fibonacci 38.2% level) or $6000 (Fibonacci 50% level) in panic mode.
On overall this correction (wave (II)) is good and is expected, it is a good time for market to cool down after 2 enthusiastic week (wave (I)). This will be good time for those who missed the train to catches up some BTC preparing for the next bull run (wave (III)), which may have a leg up to $18000 in this summer.
Details analysis, supports and resistances are as commented and shown in chart.
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BTCUSD - Raising Wedge and Bear FlagHi All,
This TA is just for Education Purpose. The price target for both is below $8000.
1. Bear Flags. Volume is decreasing until selling volume coming in.
2. Raising Wedges . Volume for wedge is decline until it reached breakout points.
*This TA is for Educational purpose and not a financial advise. If you are happy with my charts and would like to follow more in the future, feel free to follow my profiles.