In the past hours, BTC started to print new lower lows and looking at the chart, we can see a clear falling wedge.
Since a few days already, im observing the trendline on the decreasing volume.
And as written in the textbooks, a pattern like triangles or wedges, have to be confirmed by decreasing volume, which is now the case.
Whats next?
Ill wait and look for a SFP as i think that BTC will do one more wick to the downside, so the next volume candle touches the trendline.
After that, ill open a big long.
The target of this falling wedge is between 30k-31k.
Looking at the trendline, the breakout will happen in the next 8 days.
Since a few days already, im observing the trendline on the decreasing volume.
And as written in the textbooks, a pattern like triangles or wedges, have to be confirmed by decreasing volume, which is now the case.
Whats next?
Ill wait and look for a SFP as i think that BTC will do one more wick to the downside, so the next volume candle touches the trendline.
After that, ill open a big long.
The target of this falling wedge is between 30k-31k.
Looking at the trendline, the breakout will happen in the next 8 days.
Order cancelled:
Falling wedge is now invalid as btc broke below support and a red volume candle broke above the daily volume trendline