Price is now faced with the resistance from the top border of the falling wedge and breaking this resistance means escaping the falling wedge and more bullishness may ensue. But first, the bull have to re-test the Resistance Zone above it.
Getting rejected at the resistance of the falling wedge will more than likely push price down not only back to the 1st Support Re-Test Zone but down to the 2nd Support Re-Test Zone as well.
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Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Getting rejected at the resistance of the falling wedge will more than likely push price down not only back to the 1st Support Re-Test Zone but down to the 2nd Support Re-Test Zone as well.
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
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FALLING WEDGE
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The 61.8% Golden Ratio Fibonacci Level Is A Very Common Target Point.
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1 Hour Chart Showing Bulls Are Being Pressed Down In This Descending Triangle. If support doesn't hold, it could be down to $6969.
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Bitcoin Into The New Year 2020
