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!