If you have been following from prior posts , in the last update I mentioned a descending broadening wedge break out to the second area to back test the rising line. It is expected that sell pressure is waiting here and ready for lower price levels. If a break above this line occurs and holds with increasing volume and candle spread we could see the channel continue on up, this however is less likely.
Note
The descending broadening wedge will most likely be revisited. Will it bring short term support and a $100 spike up or blow right past it ?
Note
Watching
Note
Price has reached the wedge as support now.
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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.