Target of that large Rising Wedge breakdown we observed yesterday is around 45k. This is exactly where a measured move of this small-timescale Bear Pennant would take us. Bearish divergence on 1h MACD, negative momo on daily timescale only now just starting to build, not oversold on 4h anymore. Long target would be around 58.5k right now but in my opinion it's not worth the risk.
Note
BTC broke above the downsloping resistance and just successfully backtested it for support. It's probably headed to 58.3k, this trade idea is now invalidated and we re in stop loss territory.
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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.