BTC: False Break of the Ascending Wedge
Updated
I am sending out this trade idea to confirm that at the time of writing I consider the temporary breach of the ascending wedge resistance (yellow line) and the breach of the trend-line channel resistance (blue line) that spans from the January 2021 high to the April 2021 low, both false breaks on the BTC 4hr chart. As such, my original short investment strategy is still in play, however a convincing close above the channel resistance on the 4hr chart may negate this setup.
In my experience a false break is often followed by a strong reversal, however the bulls are still pushing so I cannot say with 100% certainty that this will be the case. That said, we are still due to put in a low in September before progressing higher in October.
In my experience a false break is often followed by a strong reversal, however the bulls are still pushing so I cannot say with 100% certainty that this will be the case. That said, we are still due to put in a low in September before progressing higher in October.
Trade closed: target reached
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