People are getting so carried away about a few little wicks... All noise within the larger scale of things. This close to the halving, approaching the most bullish quarter for Bitcoin, and in a wedge which at worst is neutral pattern, and based on the weekly candle bodies is clearly ascending rather than descending. A break and close below the 21-week EMA of...
Most traders would agree I am sure this is a very difficult region to trade, so to say we have found "Equilibrium" for this level would be a fair assumption! Predictions equally from here are very difficult since we are in a "Descending Triangle" formation normally bearish but can also break to the upside.
Until bitcoin breaks one way or another we could trend sideways into mid October if this pattern was to play out?
Targets to the downside more possible given a continuation of this consolidation pattern ~ the upper target dependent on the break so more of an estimate!
Price is corrective towards the top of an descending channel and is forming an expanding triangle. Waiting for corrective price action before taking a short position on a third touch.
First target is 3% followed by a target of 9% to the lower outer structure.
I am currently not in this position but this is more of a test to identify market behaviour.
If Gold price to break out below the support level of the triangle there is a potential for it to have a shorter term pull back from its highs.
Possibly we are consolidating again within an "Ascending Triangle" ~ still quite a few days yet before confirmation.
Only day traders likely to play this so remaining neutral until larger resistance broken i.e. one one the larger trendline diagonals coming in $11500 & $9500.