Hi everyone!
Here is my idea about BTCUSDT for the pattern it formed recently. My view on the market is slightly bearish and here is why.
BTCUSDT has been forming a rising wedge since February 10th and the price has nowhere to go(Less and Less Price Movement) as the rising wedge develops. MACD also tells us the 12 and 26 MAs are sticking together(Less and Less Volatility ).
All of these are telling us the market is about to make a BIG move.
We all know that a rising wedge is a bearish pattern that more often breaks down the downside rather than up to the upside.
If the price eventually breaks down the rising wedge and the key support level, our first target would be about 44500 USDT.
Support Area: 47500
First Target Area: 44500
Second Target Area: 39500
Here is my idea about BTCUSDT for the pattern it formed recently. My view on the market is slightly bearish and here is why.
BTCUSDT has been forming a rising wedge since February 10th and the price has nowhere to go(Less and Less Price Movement) as the rising wedge develops. MACD also tells us the 12 and 26 MAs are sticking together(Less and Less Volatility ).
All of these are telling us the market is about to make a BIG move.
We all know that a rising wedge is a bearish pattern that more often breaks down the downside rather than up to the upside.
If the price eventually breaks down the rising wedge and the key support level, our first target would be about 44500 USDT.
Support Area: 47500
First Target Area: 44500
Second Target Area: 39500