BTC fell out of wedge today and looks to be still correcting but i think we will get action when we hit 3458 and 3242 ... these are the last stops before mid 2k's and we do not want to go that low so hoping that we get a bounce on one of these ...
There are only some levels to which you simply never return, especially in an asset even at very early ages of discovery and adoption. This pattern can be seen from the early days of the bitcoin trade: once we ended up with sub $ 150, we never tried it again. It is this line of thinking that leads me to a similar conclusion with bitcoin. If it were for less than $ 2000, we may not see growth for much longer than expected.
The 4-hour chart shows a symmetric pattern of triangles, which usually means that the congestion pattern is nearing the end of its life and soon there will be a break.
I could go either way, I hope it's up, but if it turns out that I'm down, I'll be looking to get out of my long and start looking at the shorts.
The 4-hour means that it could definitely break up from here.
If BTCUSD does not maintain this level, we would see a fall in the 3500.
If BTCUSD DOES maintain this level, we could expect it to move inside the wedge and wait for a break on December 8 or 15.
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cheers.
