pasojov

BTCUSDT - Struggling to rebound + rising wedge

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS
After breaking through resistance at 57k BTC has drifted gradually up while ranging. Price hit 60k briefly and is now coming to back to test support.

A bearish rising wedge has now formed with the characteristic declining volume . The daily/4h charts look ugly while the 1h looks like bulls are struggling, with price hovering around the monthly close for a few days now.

I'm going to look for a break of the wedge , a retest back up to the monthly close and then a move down to the major trendline around 54k . This then may form a huge H+S which I'll post about if it does.

If this interests you, have a look at my other posts about why I'm HTF bearish on BTC under related ideas.

Happy trading, follow for more:)
Trade active: First trouble area hit. Expecting bounce now for a bearish retest.

Comments

Spot on bro!
+1 Reply
pasojov AlkalineFX
@AlkalineFX, ta mate
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