According to the scenario maybe this will be the last dip!
Updated
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In the daily time frame, BTC is forming this falling wedge pattern.
Falling Wedge
When a security's price has been falling over time, a wedge pattern can occur just as the trend makes its final downward move. The trend lines drawn above the highs and below the lows on the price chart pattern can converge as the price slide loses momentum and buyers step in to slow the rate of decline. Before the lines converge, the price may breakout above the upper trend line.
BTC drops after the FOMC meeting as expected, according to the pattern we are expecting some more drops up to 15k and then we can expect a bounce.
But as we all know to confirm this pattern, we need a breakout.
Stay tuned I will keep updating BTC in every timeframe below the chat.
So read the full chart carefully
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Consider following me for the latest updates and Long /Short calls on almost every exchange.
I post short mid and long-term trade setups too.
Let’s get to the chart!
I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.
In the daily time frame, BTC is forming this falling wedge pattern.
Falling Wedge
When a security's price has been falling over time, a wedge pattern can occur just as the trend makes its final downward move. The trend lines drawn above the highs and below the lows on the price chart pattern can converge as the price slide loses momentum and buyers step in to slow the rate of decline. Before the lines converge, the price may breakout above the upper trend line.
BTC drops after the FOMC meeting as expected, according to the pattern we are expecting some more drops up to 15k and then we can expect a bounce.
But as we all know to confirm this pattern, we need a breakout.
Stay tuned I will keep updating BTC in every timeframe below the chat.
So read the full chart carefully
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Note
The liquidity has been cleared on both sides. It breakdown the ascending triangle with a sustained volume.
Here we've to wait for the development of some price action, which will further confirm the direction of the market.
BTC holding the green support area (16.5k-16.8k) and we might see a bearish retest from here. According to the chart, BTC should bounce from here up to the 17.2k-17.3k level and after that again starts dumping.
So as of now, I'm expecting a relief bounce in the shorter time frame. In HTF, BTC still looks bad. Until and unless we did not get a weekly close above 18.5k things not going well for us.
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