BTC - I must admit this does look like a Bullish falling wedge
I must admit this does look like falling wedge which is generally considered a bullish pattern .
However if we turn on the Moving averages and look closer at the "area of interest" box this is a tough spot as there are several resistance confluences at work on the weekly .
These are :
1) The MA 200 resistance
2) The MA50 resistance
3) The resistance formed by the edge of the wedge
4) The resistance from the Last AR Test (automatic reaction)
My thought is unless BTC is able to produce a mega bullish candle and push to the 28k to 30k area; Im expecting a larger bearish candle downwards in a few days which will move price towards the 18 K area.
However if we turn on the Moving averages and look closer at the "area of interest" box this is a tough spot as there are several resistance confluences at work on the weekly .
These are :
1) The MA 200 resistance
2) The MA50 resistance
3) The resistance formed by the edge of the wedge
4) The resistance from the Last AR Test (automatic reaction)
My thought is unless BTC is able to produce a mega bullish candle and push to the 28k to 30k area; Im expecting a larger bearish candle downwards in a few days which will move price towards the 18 K area.