It's certainly going to be an intersting christmas in the world of crypto, with bitcoin approaching the end of the falling wedge that it currently finds itself in.
Falling wedges are usually a bullish formation, however, with increasing fear throughout the global financial markets, we can safley assume that a black swan event could be just round the croner, sending crypto even further into the red.
Personally, I favour the opinion that the current downwards momentum has been exhausted, and that a bullish breakout will occur.
Building a long position in this price reigion with stop losses just outside of the wedge formation will allow for a low risk / reward swing trade, where by if we break to the downside, a low % loss will be incurred, where as if we break to the upside, the positon can be held into the weeks and months a head whilst the crypto market regains its strength.
Falling wedges are usually a bullish formation, however, with increasing fear throughout the global financial markets, we can safley assume that a black swan event could be just round the croner, sending crypto even further into the red.
Personally, I favour the opinion that the current downwards momentum has been exhausted, and that a bullish breakout will occur.
Building a long position in this price reigion with stop losses just outside of the wedge formation will allow for a low risk / reward swing trade, where by if we break to the downside, a low % loss will be incurred, where as if we break to the upside, the positon can be held into the weeks and months a head whilst the crypto market regains its strength.
