Short

Pullback from $50k - Bearish Ascending Wedge

Updated

Looking for the Ascending Wedge to play out as a bearish signal before seeing more ATH gains.

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Orange 4H Trendline is a more likely buy zone (yellow box).
Worst case scenario is a buy zone (green box) previous price support (gray dash line) from January 9th.

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If we don't see new highs touching 50k then this is more of a flat top Ascending Triangle which is bullish. If so, we should not see prices hitting higher than 49k.

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I think the next big push will be 4-7 hours from now. I could see it happen closer to London day break which is actually at the 7 hour mark.

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If the Wedge has any strength to the bearish signal then the price should start taking another push down from here at $48,600.

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Chart update on 1H and 15m

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Well the structure was definitely not what was expected, but I think the $42,000 price line is still in play.

Bonavest

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