CURRENTLY WE CAN SEE THERE IS A RISING WEDGE IN THE MAKING ON THE BTC. THIS KINDS OF PATTERN TEND TO BREAK TO THE DOWNSIDE. IF THIS IS ALSO THE CASE HERE, WE CAN SEE A RETEST OF THE LAST ZONE OF SUPPORT. THIS WOULD GIVE A TARGET FROM $11200 TO $11110.
IMPORTANT TO STATE HERE IS THAT IF THIS PATTERN PLAYES OUT, WE WILL BREAK A MAJOR SUPPORT LINE ($11500). THIS WOULD BE BEARISH IN THE SHORT TERM.
IT IS IMPORTANT THAT WE CAN RETAIN THE LAST ZONE OF SUPPORT. OTHERWISE, THE OPPORTUNITIES OF BREAKING FURTHER DOWN WILL INCREASE SUBSTANTLY.
IMPORTANT TO STATE HERE IS THAT IF THIS PATTERN PLAYES OUT, WE WILL BREAK A MAJOR SUPPORT LINE ($11500). THIS WOULD BE BEARISH IN THE SHORT TERM.
IT IS IMPORTANT THAT WE CAN RETAIN THE LAST ZONE OF SUPPORT. OTHERWISE, THE OPPORTUNITIES OF BREAKING FURTHER DOWN WILL INCREASE SUBSTANTLY.