BitcoinLong
BTCUSD - Falling Wedge Breakout
It's evident that we have a falling wedge pattern that looks accurate on the hourly and 4-hourly. The question is - will we break towards the upside or downside? On the larger time frames the RSI has been relieved and I think we're due for another run given the technicals and unchanged, superior fundamentals. There are two scenarios that I see playing out, both bullish.
Scenario 1 says we break out of the falling wedge to the upside, consolidate around the next resistance then head to the 47k mark.
Scenario 2 says we break the wedge to the downside, meeting a target of around 36k before continuing the rally back to 47k.
I personally still think scenario 1 will play out as you can tell from my previous posts.
What are your thoughts?
Scenario 1 says we break out of the falling wedge to the upside, consolidate around the next resistance then head to the 47k mark.
Scenario 2 says we break the wedge to the downside, meeting a target of around 36k before continuing the rally back to 47k.
I personally still think scenario 1 will play out as you can tell from my previous posts.
What are your thoughts?
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.