Cannot Make It...
Updated
I have been waiting for the cryptomarket to have another jump, at least another 5% - 10% increase, but I think it just cannot make it. BTCUSD is forming a Rising Wedge pattern. This pattern usually breaks from the bottom and I think this is actually the case for BTCUSD because of two main reasons. Reason one is a potential partial raise; After the pattern's formation completes on May 27th, the price moves to the lower boundary of the pattern but fails to close below the lower boundary. More interestingly, the price rises on a declining volume. I titled this move as a partial raise before the breakout takes place. This partial raise particularly signals a downward breakout. Secondly, the bearish momentum is predominant. MACD histogram shows a divergence for the recent rise, showing that the bulls' back is broken and they are out of fuel. And also, this bearish momentum is stronger than the previous ones. I am currently short and I will scale in if the pattern breaks from the bottom.
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