Bitcoin is in a clean Rising Wedge Pattern in the Daily and Weekly Time frame and in the Monthly, we still have a Double Top pattern.
All eyes are on a Short Selling position.
The rising wedge pattern represents a bearish continuation pattern that is formed after the rising correction. In a bullish trend, price bounces between two sloppings begin wide at the bottom and contract as prices move higher. After the rising correction, the continuation patterns follow the major downtrend.
Trade setups that I'm looking at:
Entry at the break down of the Rising Edge OR
A Retest of the Breakout
StopLoss after Breakout: put stop loss at middle of the Rising Wedge (In this case: 44k)
Target: The distance of the Wedge Opening (In this pattern: 30k)
Good luck and happy trading.
All eyes are on a Short Selling position.
The rising wedge pattern represents a bearish continuation pattern that is formed after the rising correction. In a bullish trend, price bounces between two sloppings begin wide at the bottom and contract as prices move higher. After the rising correction, the continuation patterns follow the major downtrend.
Trade setups that I'm looking at:
Entry at the break down of the Rising Edge OR
A Retest of the Breakout
StopLoss after Breakout: put stop loss at middle of the Rising Wedge (In this case: 44k)
Target: The distance of the Wedge Opening (In this pattern: 30k)
Good luck and happy trading.
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