Long

BTCUSD Breaking falling wedge and forming double bottom

Updated

I think the breakout from the huge falling wedge is valid and the upward target is around 8800. However, we have lots of resistance levels between now and the target. The nearest ones are 7250, 7500, and 7700.

I make this new post so I can post new updates here.

Good luck!

Note

Also we have a cup&handle pattern as the second bottom.

Note

The bearish divergences are something worthy of concern here. A upcoming retracement may be necessary. I would be very bearish if it falls back to the falling wedge.

Note

Check the volume here. Bears are still very strong. How many coins do they have?

Note

Bulls keep making progress. Now we can see the green volume is back. Now it is about to test the first resistance 7250.

Trade closed: stop reached

My stop-loss was triggered. 20k BTC was dumped before it reaches the first resistance 7250. The most bearish scene would be it falls back to the wedge.

Callmepope

We don't trade patterns. We draw them.

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