BTC TO BREAKOUT or REJECTION
BTC is in a narrowing wedge pattern , it is trying to breakout upper line (resistance ) of the narrowing wedge pattern .
According to my opinion , we should be cautios in order to open long positions. I see lots of analyst says that long positions should be open but we should be waiting for the breakout of the upper line of narrowing wedge which is a resistance now.
after confirmiatoin which means breaking out to up side of narrowing wedge pattern , longs can open if enough Volume is supplied. Volume and restest of the upper line is a MUST.
If we see confirmation with volume 27800usdt will be the target . But it can take time.
If BTC can not break and if it is rejected from this resistance it should be going down to (swing) lower line of the wedge which is 23170usdt .
I suggest you to wait until BTC breakout or breakdown , it should leave the narrowing wedge triangle in order to open a new long or short position.
Disclaimer : This post is just for educational purposes , it is not a financial or trading advice. Please decide your own trading decisions with your own risk analyse.
According to my opinion , we should be cautios in order to open long positions. I see lots of analyst says that long positions should be open but we should be waiting for the breakout of the upper line of narrowing wedge which is a resistance now.
after confirmiatoin which means breaking out to up side of narrowing wedge pattern , longs can open if enough Volume is supplied. Volume and restest of the upper line is a MUST.
If we see confirmation with volume 27800usdt will be the target . But it can take time.
If BTC can not break and if it is rejected from this resistance it should be going down to (swing) lower line of the wedge which is 23170usdt .
I suggest you to wait until BTC breakout or breakdown , it should leave the narrowing wedge triangle in order to open a new long or short position.
Disclaimer : This post is just for educational purposes , it is not a financial or trading advice. Please decide your own trading decisions with your own risk analyse.
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