Rising Wedge Breakout, Potential Short.
Updated
We have clear rising wedge formation and a breakout to the down side. Looks like a good short position. Be careful though, we are in a long term bull market and we just had a $1000 pump since the bounce from 9.7k, we could be in the beginnings of a trend reversal and this could be a bear trap.
Note
didn't add much details to get it out asap but basically the target area would be around 9.7k. We got strong resistance around the 11100-11300 area, major support around 10.5k and another support around 10.3k.Note
it was a bear trap! Next major resistance around 11.8, then we might see a pullback. If we dont see a bigger correction to at least 9k then we are likely in another bubble. To be in a healthy bull market you need at least 40% pullbacks.
Related publications
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.