cryptoaddictkoh:BTC 1H - Wedge Formation: SHORT!!

Hi everyone. We can see under the BTC 1H chart a rising wedge formation within an overall downward trend for BTC since May 19 (day of the dip).

We also see since May 19 the highs. Nothing passing 42K with many highs under 40K with lows of 30K-28K. So our range over the past weeks since May 19 have been from 28K - 42K. We are presently around 33,8K and looking at the downtrend line, the downtrend resistance is now around 34.4K, which means we are almost at the peak of this section which would make for a SHORT order. We also see an 'M' pattern forming and if does fully form, we are heading for SHORT.

Importance is to pay attention to the mini upward trend presently within the overall downtrend. BTC has been bouncing off this support line. If BTC breaks below this support line with a candle, it can be further confirmation of a SHORT order.

Don't see any real positive news out there to bring BTC over 40K. We are in the midst of a lot of FUD so I would not give into FOMO and think BTC will surge past 40K anytime soon. Coupled with BTC now under the Death Cross, we can expect further declines here on in, slowly.

SHORT: 33.8K - 34.2K
SL: 34.8 - 35.2K
TP1: 32K, TP2: 30K, TP3: 29-28K.



Article classification: ideas