Descending wedge for BTC after testing previous cycle ATH
Updated
Pro's - Breaking ATH has a well established pattern of leading to consolidation and then higher moves.
Clear descending wedge. Clear support. Low risk R/R entries can be post exiting the wedge on the upper trend line, or, if we revisit support, entries off of the lower trend line.
Con's - This is pre halving ATH which is unprecedented. Arguably this is due to broader base demand but it doesn't quite fit the pattern. Pre halving is generally less bullish.
Clear descending wedge. Clear support. Low risk R/R entries can be post exiting the wedge on the upper trend line, or, if we revisit support, entries off of the lower trend line.
Con's - This is pre halving ATH which is unprecedented. Arguably this is due to broader base demand but it doesn't quite fit the pattern. Pre halving is generally less bullish.
Trade active
Clear break out of falling wedge. Cubans VWAT (Not shown) flips green.
MACD flips to smaller red bars.
CME Futures gap higher
MSTR and COIN with new local highs.
Trade closed manually
Fallen under VWAP and no signs of positive continuation. Closed for small profit
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