noble1ones

OMG Bitcoin BEARISH Rising Wedge Snaps Like A Twig!(Continuation

Short
KRAKEN:BTCUSD   Bitcoin

Typical retest after breakout:
If you extend the bottom trendline of the wedge(support) to the right as I did, you'll notice that price snapped back to retest that line and it has become resistance. The retest would be considered to be a corrective wave 2 in Wave C within and expanded Flat pattern from my perspective.

Wave C in wave 2 may have thrown people off due to it being as aggressive as a wave 3. Unfortunately for the Bulls it fooled them due to it being a sharp proregressive/upward correction in wave C of wave 2 rather than a bullish trend continuation. Until proven otherwise, my stance remains with an expanded Flat. The recent high was wave B which surpassed the beginning of Wave A, and then began Wave C's descent(check prior idea). Wave 1 at a smaller degree in wave C is the downward breakout of the rising wedge. Wave 2 at the same degree as wave 1 in wave C followed with a retest. Now Bitcoin is in a corrective Wave 3 of the same degree as wave 1 & 2 within a regressive wave C . In my humble opinion.
All the best!
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