Bitcoin Falling Wedge Pattern - Breakout or Breakdown?
Hello Traders!
Here is my analysis for BTC.
- As expected BTC dumped today, almost hitting the 37.2K target I had projected.
- BTC ended up stopping at support at around 37.7K.
- Not a lot has changed, BTC is basically continuing to range between this large falling wedge pattern.
What does this mean for Bitcoin?
- I'm expecting another bounce, in fact I opened a long position today with an entry price of 38K, I will add more if it hits 37K.
- BTC could possibly hit the upper descending trend line at 40.7K before getting rejecting and ultimately heading lower.
***Another possible scenario I'm keeping an eye on, is BTC getting a rally from the stock market. The stock market had a large sell off last week due to poor earnings reports. Now that earnings reporting is over, I wouldn't at all be surprised if big cap tech stocks rallied in the coming days / week in which case BTC would follow possibly hitting 43K.
- Either way I will most likely take profits at 40.7K just to play it safe.
- Also BTC has been in a non stop downtrend for nearly 2 weeks aside from a few days, another bounce is due imo.
**Thats it for today. Remember, if you open a long... don't get greedy. Take profits when you're at appropriate levels and don't push your luck. I know it's hard to sell when you see your account going up, but it's always better to take profits early than have price reverse on you and end up missing out on any profits at all!
If you have any questions you can always message me or comment your question, and please like and follow if you find my posts helpful.
Best of luck everyone!
Here is my analysis for BTC.
- As expected BTC dumped today, almost hitting the 37.2K target I had projected.
- BTC ended up stopping at support at around 37.7K.
- Not a lot has changed, BTC is basically continuing to range between this large falling wedge pattern.
What does this mean for Bitcoin?
- I'm expecting another bounce, in fact I opened a long position today with an entry price of 38K, I will add more if it hits 37K.
- BTC could possibly hit the upper descending trend line at 40.7K before getting rejecting and ultimately heading lower.
***Another possible scenario I'm keeping an eye on, is BTC getting a rally from the stock market. The stock market had a large sell off last week due to poor earnings reports. Now that earnings reporting is over, I wouldn't at all be surprised if big cap tech stocks rallied in the coming days / week in which case BTC would follow possibly hitting 43K.
- Either way I will most likely take profits at 40.7K just to play it safe.
- Also BTC has been in a non stop downtrend for nearly 2 weeks aside from a few days, another bounce is due imo.
**Thats it for today. Remember, if you open a long... don't get greedy. Take profits when you're at appropriate levels and don't push your luck. I know it's hard to sell when you see your account going up, but it's always better to take profits early than have price reverse on you and end up missing out on any profits at all!
If you have any questions you can always message me or comment your question, and please like and follow if you find my posts helpful.
Best of luck everyone!
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.