BTC at key support - falling wedge

Dear all,

Here is an update on BTC based on current downtrend and falling wedge patterns.

We can observe that the angle of each falling wedge (correction phases) is smoother and smoother which highlights that the bear cycle is closing to an end.
However BTC even with this triple bottom, can breakout downward this descending triangle to test $6,000 or $5,400.

This analysis is based on:
- Falling and rising wedge patterns
- Trendlines, support and resistance
- RSI

To enter a long term trade now the setup would be as follow:
- Stop loss $6,000
- Target Profits: $7,200 / $7,800 / $8,200.

This forecast is not a financial advice, study, exercise yourself, put into question your reasoning.
Well, strive to be a better trader tomorrow than we are today.

All the Best from the Crypto Space
Alteroc



AI Trader assistant, includes Bitmex (15% discount) --> app.aitrader.ai/referral/ap3m9
twitter.com/alteroc_trading

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If you like this analysis, please give it a like. It's a nice motivation to share charting everyday with the TV community :)

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Still within the wedge.

BTC which broke out downward the smaller wedge has now broken back in:

It's a first small good sign.

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Crossed short term resistances.

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Here is a nice bullish engulfing on the daily :)

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30 minutes Timeframe, I would stay away from entering a trade right now. If you are already in, tight your stop loss.

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Downward breakout. Currently testing previous low.

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BTC is heading to retest lower levels to find buyers.

A new chart will be created once bottom is in.
See other recent BTC updates