About 1 hour ago I did an update regarding the price for the coming hours, which I predicted it will go down. This chart is focused on the bigger picture, as we need to cofirm the trend we are currently undergoing.
In some previous chart I already pointed out that there was a possibility that the breakout we recently had was just a throw over of the ascending wedge, so not a trend reversal. This has now been confirmed with the price quickly falling back down after touching the upper resistanceline from the long term descending wedge (light blue line).
So we are now back where we were, in the ascending wedge and approaching break down. This scenario, which i suspect is going to happen sooner rather than later, has the possibility to take us down to 220 within a matter of 1 or 2 days.
In some previous chart I already pointed out that there was a possibility that the breakout we recently had was just a throw over of the ascending wedge, so not a trend reversal. This has now been confirmed with the price quickly falling back down after touching the upper resistanceline from the long term descending wedge (light blue line).
So we are now back where we were, in the ascending wedge and approaching break down. This scenario, which i suspect is going to happen sooner rather than later, has the possibility to take us down to 220 within a matter of 1 or 2 days.