Bitcoin CME future ( $BTC 1! 1D) obvious wedge is obvious
Updated
Every good thing must come to an end. Bitcoin is trending up since December 2019 in what now most definitely look like a rising wedge.
The previous trend was Down from 14k high so I will be very cautious about the direction of the breakout off the pattern. Depending on direction of the breakout it can be either indicative of a new uptrend or in most case a continuation of the prior downtrend.
The bitcoin volatility seems to be up ticking and volumes are quite high but nor RSI nor Stochastic has cracked yet.
As time goes by, I will keep you updated on the evolution of the chart, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said from the chart.
Due to the volatile nature of the cryptocurrencies market, it can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decision or activities.
The previous trend was Down from 14k high so I will be very cautious about the direction of the breakout off the pattern. Depending on direction of the breakout it can be either indicative of a new uptrend or in most case a continuation of the prior downtrend.
The bitcoin volatility seems to be up ticking and volumes are quite high but nor RSI nor Stochastic has cracked yet.
As time goes by, I will keep you updated on the evolution of the chart, so make sure to follow me on Tradingview
Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said from the chart.
Due to the volatile nature of the cryptocurrencies market, it can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decision or activities.
Note
the breakout happened with huge volume.
Is it real or false ? can't decide yet.
Trade closed manually
So it seems the breakout was a real one an leaded to a decline.
A rising wedge is not a very faithfull pattern so I think it is wise to take profite now to those that were on the sell side.
there is a confleunce of support here and the stochatic is in is lower zone.
I would not exclude trying another sell after a healthy bounce.
this idea is closed. I will not any new update on it.
Disclaimer
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