BTCUSDT - Struggling to rebound + rising wedge
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:)
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.
