Bearish December continues for BTC. Here's a quick look
Here's a quick look at BTC Daily chart. As we can see, the price has previously made several bearish retests of the red trend line and has had no success breaking through it yet. The price needs to penetrate the red trend line in order to avoid further downside.
The price is currently being held down by 2 big resistance lines shown with light red and light blue.
The bullish scenario is this: The price breaks back above the blue downtrend, then retests the blue trend line and bounces off the blue trend line and in the end breaks and holds the red trend line.
For now the price will oscillate within the red box and may do so for the rest of December. But a break above the red trend line could turn things around very fast!
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What Is a Wedge in the context of trading?:
"A wedge is a price pattern marked by converging trend lines on a price chart. The two trend lines are drawn to connect the respective highs and lows of a price series over the course of 10 to 50 periods. The lines show that the highs and the lows are either rising or falling and differing rates, giving the appearance of a wedge as the lines approach a convergence. Wedge shaped trend lines are considered useful indicators of a potential reversal in price action by technical analysts.
Key Takeaways for Falling wedges:
1. Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods.
2. The patterns may be considered rising or falling wedges depending on their direction.
3. These patterns have an unusually good track record for forecasting price reversals."
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The price is currently being held down by 2 big resistance lines shown with light red and light blue.
The bullish scenario is this: The price breaks back above the blue downtrend, then retests the blue trend line and bounces off the blue trend line and in the end breaks and holds the red trend line.
For now the price will oscillate within the red box and may do so for the rest of December. But a break above the red trend line could turn things around very fast!
-------------------------------------------
What Is a Wedge in the context of trading?:
"A wedge is a price pattern marked by converging trend lines on a price chart. The two trend lines are drawn to connect the respective highs and lows of a price series over the course of 10 to 50 periods. The lines show that the highs and the lows are either rising or falling and differing rates, giving the appearance of a wedge as the lines approach a convergence. Wedge shaped trend lines are considered useful indicators of a potential reversal in price action by technical analysts.
Key Takeaways for Falling wedges:
1. Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods.
2. The patterns may be considered rising or falling wedges depending on their direction.
3. These patterns have an unusually good track record for forecasting price reversals."
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
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