#BTC
The nearest scenario for Bitcoin might look like this: we are within the rising wedge, which is a pattern predicting a further decline, but the current state of the market indicates the possibility of continuing to move within this wedge. Therefore, we can approach a tight resistance range, around 6900, from where the price should begin to form a decline. If at the moment the local support of the 6580 does not keep the market pressure, then there will be a scenario of premature exit from the wedge with a subsequent test of stronger support for 6400.
The nearest scenario for Bitcoin might look like this: we are within the rising wedge, which is a pattern predicting a further decline, but the current state of the market indicates the possibility of continuing to move within this wedge. Therefore, we can approach a tight resistance range, around 6900, from where the price should begin to form a decline. If at the moment the local support of the 6580 does not keep the market pressure, then there will be a scenario of premature exit from the wedge with a subsequent test of stronger support for 6400.
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#BTC
After there is a breakdown of the wedge on the lower edge or a rebound from it, it will be possible to decide whether to open any transaction. At the moment there are no weighty arguments for long or short.
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#BTCThe wedge is punched on the bottom edge and at the moment the price has stopped above the upper limit of the previously mentioned support range. In the near future, most likely will make fluctuations at current levels, but below 6200 should not leave.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.