BTCUSD - Short Squeeze and Descending Wedge Reversal Pattern

We are now trading within a descending wedge reversal pattern. We have pierced through the March low which is not a great sign, however a break to the upside of the descending wedge should take us to around 7400. We desperately need this to occur within the next 2 candles. Else we fall to the downside of the wedge then the next stop is around 6000 which is the Feb low.

It’s worth noting from a bullish perspective that RSI is well and truly oversold and shorts are going parabolic; so let’s hope all the shorters get rekt!

Comment:

We didn't see the candles we required for reversal and have fallen through the bottom of the descending triangle (effectively invalidating it as the reversal pattern we were hoping for). We MIGHT see a small upwards move over the next few candles as we flirt with very light support around the 6233 level, however this will just create another bear flag and send us down to 6000.