Bitcoin prepares to drop from ascending wedge pattern.

Bitcoin has enjoyed rapidly rising price levels for several weeks now, but this ascending wedge pattern, along with low volume up against resistance and the fact that metrics show that the big money has been shorting and not buying anything here tells me we will see an imminent breakdown in price. The measured move puts us up against the support line formed from market tops last May. Get ready to grab some coin around the 40k level shortly.

Comment:

Adjusting my price target to 39,7 ... this is still in line with a bounce off of the trendline from May. It could potentially go lower to 37k or 38k but I'm just thinking that for a bullish rebound we will likely stay within the trend after the drop. We should know very soon now. Also wanted to note that bearish divergence is still clearly visible in RSI chart on all time frames. If we do break to the upside out of this wedge it would be highly irregular. Downside is by far the biggest probability. We NEED the correction!