Hey Guys!
BTC just fell back onto the top line of the falling wedge on the 1D.
Question is if that brief period above the wedge was a weak failed breakout attempt or are we simply pulling back to confirm the top boundary now as support.
If it was a failed breakout attempt, expect to see lower lows with a retest of $6k most likely. (Personally this seems more likely)
If it is confirmation of the upper wedge boundary acting as support TA would indicate a target around $9k. (Seems less likely, but still possible!)
But be careful here as if this wedge boundary breaks we could see accelerated selling. Personally I have a stop loss set right below the boundary.
Good luck trading!
-Dre
BTC just fell back onto the top line of the falling wedge on the 1D.
Question is if that brief period above the wedge was a weak failed breakout attempt or are we simply pulling back to confirm the top boundary now as support.
If it was a failed breakout attempt, expect to see lower lows with a retest of $6k most likely. (Personally this seems more likely)
If it is confirmation of the upper wedge boundary acting as support TA would indicate a target around $9k. (Seems less likely, but still possible!)
But be careful here as if this wedge boundary breaks we could see accelerated selling. Personally I have a stop loss set right below the boundary.
Good luck trading!
-Dre