Rising wedge pattern confirmed (bearish resolution) BTC
Good morning traders,
A rising wedge has formed and confirmed a resolution to the downside. These patterns have an 88% chance of breaking down in terms of probabilities, which is the opposite of a falling wedge (which is bullish)
Wedge's have always been my favourite pattern to trade because the hit rate is so high.
Lots of trapped longs at the top now, lets see how the next 8 hours develop going into the daily close and most importantly the rest of this weekend.
$41,555 has to hold (which is the support that was broken from the downtrend from ATH's) so it that gets lost this will be a confirmed fake out for at least the short term.
I'll also be watching to see the reaction at $39,999.
I still think it's possible we see $39,111 to print a higher low from the $37,333 support, but time will tell this story.
There's a ton of liquidity under the trend line because of fomo longers using high leverage once it broke.
Stay safe, and as always do your own research.
None of my posts are financial advise, just my own thoughts.
Please do me a big favor and like/comment to show your support, it would mean a lot to me.
👍
A rising wedge has formed and confirmed a resolution to the downside. These patterns have an 88% chance of breaking down in terms of probabilities, which is the opposite of a falling wedge (which is bullish)
Wedge's have always been my favourite pattern to trade because the hit rate is so high.
Lots of trapped longs at the top now, lets see how the next 8 hours develop going into the daily close and most importantly the rest of this weekend.
$41,555 has to hold (which is the support that was broken from the downtrend from ATH's) so it that gets lost this will be a confirmed fake out for at least the short term.
I'll also be watching to see the reaction at $39,999.
I still think it's possible we see $39,111 to print a higher low from the $37,333 support, but time will tell this story.
There's a ton of liquidity under the trend line because of fomo longers using high leverage once it broke.
Stay safe, and as always do your own research.
None of my posts are financial advise, just my own thoughts.
Please do me a big favor and like/comment to show your support, it would mean a lot to me.
👍
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