Hi friends, hope you are well and welcome to the new update on Bitcoin ( BTC ).
Confirming the breakdown:
On the daily time frame after breaking down the support of the rising wedge pattern the price line of the leading cryptocurrency is now re-testing the previous support of the wedge as a resistance. If it will be failed to break out this resistance then it can be devastating and the price action can move down.
Falling wedge:
At the same time the price action of the king of all cryptocurrencies is also trying to break out the resistance of a bigger falling wedge pattern. This pattern has been formed around the rising wedge . Therefore at the same time, the priceline is having the rising wedge’s previous support and the resistance and the resistance of this falling wedge as well. Now if it will be rejected then it can move to the support of the falling wedge , which is approximately at $28800. But in case of breakout the resistance the next target can be the tail of the falling wedge which is at $41K
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Link for Binance exchange, to trade crypto:
https://www.binance.com/?ref=11256882
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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