BTC Breaking to the downside - target is 11.5k!!
Here's a quick look at the BTC daily chart. As we can see, the price is currently breaking below the bear flag (Rising channel) and if we get a daily candle close below it, the target is down at 11.5k! Not saying it will get to 11k for sure but that's the technical target. For now, I do expect us to revisit 18k at least, but let's wait and see what happens here.
It should be mentioned that a lot of strong indicators are showing sell signals at current prices, and one should take note of that. Also, the S&P 500 is not showing much strength and is very likely to go down from its current price level.
I expect BTC to end up at the 9-10k level in this bear market due to the CME gap at 9.7k, BUT I could be very wrong!!
Trade safe!
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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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Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
It should be mentioned that a lot of strong indicators are showing sell signals at current prices, and one should take note of that. Also, the S&P 500 is not showing much strength and is very likely to go down from its current price level.
I expect BTC to end up at the 9-10k level in this bear market due to the CME gap at 9.7k, BUT I could be very wrong!!
Trade safe!
-------------------------------------------
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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