Hello Friends, Traders and Interested,
the past days we saw ( and still see) an impressive Bullrun. But, we are IMO inside a rising wedge. This pattern normally describes a bearish behaviour. And now BTC broke a bit over the top - line.
This behaviour ( break out of the top line at the end of the wedge) is very common and indicates the last high. Often, this breakout is a good sign to sell, because price is going to fall from here to the downline and indicates a reversal.
So be careful now with the long positions. If the next candles ( 15 min- chart) go on upwards, the bearish character of this rising wedge fails and the Bullrun might continue.
Okay, as always, no trading advice, just educational.
Trade safe and trade on your own risk.
Yours Sascha
A Like and a Follow makes me happy.
the past days we saw ( and still see) an impressive Bullrun. But, we are IMO inside a rising wedge. This pattern normally describes a bearish behaviour. And now BTC broke a bit over the top - line.
This behaviour ( break out of the top line at the end of the wedge) is very common and indicates the last high. Often, this breakout is a good sign to sell, because price is going to fall from here to the downline and indicates a reversal.
So be careful now with the long positions. If the next candles ( 15 min- chart) go on upwards, the bearish character of this rising wedge fails and the Bullrun might continue.
Okay, as always, no trading advice, just educational.
Trade safe and trade on your own risk.
Yours Sascha
A Like and a Follow makes me happy.
It seems, BTC is following the typically behaviour of a rising wedge. The breakout over the top line was exactly what I said, a normal fake breakout, before falling down. Now we have to see what happens rhe next hours. I do expect a short retest of the bottom line of the wedge, than a sharp fall down to around 8600. If this does not hold, we might go down to around 7.8. I will update my idea frequently.
Best whishes, yours Sascha