Update and another scenario but almost same outcome as my previous post.
If bitcoin is unable to break 5773 in the coming 48 hours then it is possible that the price stays in the ascending broadening wedge.
1. If so I will look for a buy around the 5350 level, bottom line of the wedge. If price doesn't sustain at that level and breaks down I am 100% going to short. Because this means the rally failed. I give a break of the wedge to the downside 75% chance.
2. If bitcoin holds the 5350 level and goes higher an surpasses 5773 then this would mean a 4th touch of the ascending wedge. If that breaks, the uptrend continues and very bullish in short term. I give this scenario 25 % chance.
I am curious what is going to happen!
Short term advice.
Have a nice weekend!
If bitcoin is unable to break 5773 in the coming 48 hours then it is possible that the price stays in the ascending broadening wedge.
1. If so I will look for a buy around the 5350 level, bottom line of the wedge. If price doesn't sustain at that level and breaks down I am 100% going to short. Because this means the rally failed. I give a break of the wedge to the downside 75% chance.
2. If bitcoin holds the 5350 level and goes higher an surpasses 5773 then this would mean a 4th touch of the ascending wedge. If that breaks, the uptrend continues and very bullish in short term. I give this scenario 25 % chance.
I am curious what is going to happen!
Short term advice.
Have a nice weekend!