Potential short-term reversal on BTC USD
Updated
The market is forming a daily rising wedge which according to the rules is a reversal pattern. We do not know whether the pattern will be executing, but it is a fact that this pattern is forming right now. All patterns are stronger on higher timeframes as higher timeframes accumulate more information. Do not take patterns for granted but be cautious - if you are going long right now, be aware that you are buying into short-term BTC weakness.
Note
If we get a daily close below the upside slope of the wedge we can expect a further decline in price - 1 to 1 of the height of the wedge meaning around 40k.Note
And it looks like that the market has initiated a pullback from the higher timeframes.. We might see prices going lower at great speed.
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