BTCUSD - Caught in another wedge.....

5 Jul 2021

Again, as we commence into a Wyckoff idea fueled rally, I keep seeing BTC getting caught in wedges. You could even call this a symmetrical triangle perhaps. Regardless, it looks like a bearish structure, and it could potentially lead to us testing 28k again.

I am just keeping this simple. We are heading back into the downtrend that we've been in since may, and we are caught in another wedge, so to me it looks like there is another threat of a recovery rally being spoiled here.

We shall see how this plays out.

Thank you!

5 Jul 2021

Dagangan aktif

Broke down through the wedge via how I have it charted. Does not look good at the time being. I would be watching everything closely right now.

6 Jul 2021

Dagangan aktif

we are trying our best to confirm this as resistance currently.

7 Jul 2021

Dagangan aktif

You want the bullish case? OK! Ascending Triangle!

7 Jul 2021

Dagangan aktif

time to test 28k again?

8 Jul 2021

Dagangan aktif

if it is a bear flag, we really could be on our way to 20k. Interesting times.