Hi everyone,
It's not unlikely that BTC is travelling within a downtrending channel (red dotted lines) since the blowoff top, but also currently within a falling wedge, which is bullish in the short term.
Possible price action:
A quick drop to the bottom of the wedge, coinciding with the 50% retracement at around $8.5k, followed by a bullish rally to the upper end of the downtrending channel (around $11.8k).
Cheers,
Leb Crypto
It's not unlikely that BTC is travelling within a downtrending channel (red dotted lines) since the blowoff top, but also currently within a falling wedge, which is bullish in the short term.
Possible price action:
A quick drop to the bottom of the wedge, coinciding with the 50% retracement at around $8.5k, followed by a bullish rally to the upper end of the downtrending channel (around $11.8k).
Cheers,
Leb Crypto
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.