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BITCOIN-RISING WEDGE FORMATION

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BITSTAMP:BTCUSD   Bitcoin
BITCOIN

Due to the lack of investors in bitcoin it has lost almost 50% of the recent gains

The negative risk sentiment accelerates further selling of this pair

Most of the cryptocurrencies followed the same suite

5600 is the recent resistance zone which is also a 23.6 Fibonacci level

The rising wedge pattern is forming will cause further falling

We can open short positions at 5600 level

Potential take profit will be 4780 level which is also a 78.6% Fibonacci level

Stop lose may placed above 5800 level

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