BTCUSD - My "worst case" scenario before a bull resumption
We had a big rising wedge break-out in BTC, and here we are!
I think that a worst case scenario of 30K is definitely in the cards before we head back up.
Here is why:
1. We broke out of a rising wedge, and the measurement of the height of the wedge from the beginning is roughly 50% ish, give or take. 2. There is significant support/resistance in the area that has confluence with the rising wedge measurement. This is also the area where the "Elon Candle" came about, and the market really got ahead of its self. 3. I was able to find fib confluence to meet this rising wedge measurement/significant S/R area without forcing it.
So, there you have it, my case for the potential of 30k before bull resumption. 38k could be it, too. We could also just go up from here and say F the technical analysis, LOL!
Thank you!
I think that a worst case scenario of 30K is definitely in the cards before we head back up.
Here is why:
1. We broke out of a rising wedge, and the measurement of the height of the wedge from the beginning is roughly 50% ish, give or take. 2. There is significant support/resistance in the area that has confluence with the rising wedge measurement. This is also the area where the "Elon Candle" came about, and the market really got ahead of its self. 3. I was able to find fib confluence to meet this rising wedge measurement/significant S/R area without forcing it.
So, there you have it, my case for the potential of 30k before bull resumption. 38k could be it, too. We could also just go up from here and say F the technical analysis, LOL!
Thank you!
Trade closed: target reached:
Target Reached!
