After falling down to bottom of daily bull channel(blue channel), BTCUSDT chart has formed a wedge bottom.
Wedge bottom have 75% chance of bull breakout. Price fall down to bottom of this wedge yesterday and had overshooted.
In such cases we expect this breakout and overshoot be failed after maximum 5 bars.
So we can wait 5 days from now to see that price reversed up or not. Target for bulls will be top of wedge and then we can expect breakout.
Remember that we have 25% chance of bear breakout of this wedge, so if bears get good follow through bars, BTC will see lower prices.
First target will be the beginning of bull channel around $32,900.
Wedge bottom have 75% chance of bull breakout. Price fall down to bottom of this wedge yesterday and had overshooted.
In such cases we expect this breakout and overshoot be failed after maximum 5 bars.
So we can wait 5 days from now to see that price reversed up or not. Target for bulls will be top of wedge and then we can expect breakout.
Remember that we have 25% chance of bear breakout of this wedge, so if bears get good follow through bars, BTC will see lower prices.
First target will be the beginning of bull channel around $32,900.