Bitcoin in a massive running wedge formation
- what gives validity to the idea that price is in a giant pattern is the volume
- it has been slowly declining while price has been going higher -> volume constriction
- I expect volume expansion to come within the next 3 days and should it come that is going to be a strong confirmation that this indeed is a running wedge
- final target anywhere between 86 - 94k
- if BTC loses the blue support line at 57.5k it is likely we are going much lower (52 - 50k levels) thereby invalidating this idea
- it has been slowly declining while price has been going higher -> volume constriction
- I expect volume expansion to come within the next 3 days and should it come that is going to be a strong confirmation that this indeed is a running wedge
- final target anywhere between 86 - 94k
- if BTC loses the blue support line at 57.5k it is likely we are going much lower (52 - 50k levels) thereby invalidating this idea
Commento:
Key level lost and BTC is now trading right above the lower trendline. Rising wedges have a low hit rate in uptrends but it makes sense to keep an eye on a possible downside resolution as well
