BTCUSD Rising Wedge Pattern Formation 1hr Timeframe.
BTC Appears to have fully formed a rising wedge on the current downtrend in the 1hr timeframe, and from knowledge of chart patterns ad price action, it is obvious that a rising wedge on a downtrend is a trend continuation pattern.
This downtrend would be met with a previous zone of support at the 42,400 regions. This could lead to a bounce to the top side, following a trend to the topside before meeting resistance at a previous support level at 44,391. If this resistance fails to hold, we could witness higher highs.
This downtrend would be met with a previous zone of support at the 42,400 regions. This could lead to a bounce to the top side, following a trend to the topside before meeting resistance at a previous support level at 44,391. If this resistance fails to hold, we could witness higher highs.
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