Hello Team,
Bitcoin has been forming a falling wedge for sometime in this sustained bear market (White Dotted Lines). We are now forming a medium-term consolidation period in preparation for a large volume move as we near the apex of the medium-term consolidation.
Long Trade:
For Long-Positions we will wait for a break of the resistance (White & Orange Line).
Create a price alert near the orange line. When there its a strong breakout with volume we will enter a long position with a final target of 30K.
Short Trade:
A break of the green support zone can create a violent drop in the price of Bitcoin towards 10K.
Create a price alert near the medium-term green support zone. When there is a strong break down with volume we will enter a short positions with a final target of 10K.
In this scenario we will also add BTC & Alt-coins to our long-term portfolio.
In our opinion we can see more downside in the Bitcoin price UNTIL there is a strong breakout of the falling wedge.
*Always use risk management & utilize stop loss & stop loss breakeven.
Bitcoin has been forming a falling wedge for sometime in this sustained bear market (White Dotted Lines). We are now forming a medium-term consolidation period in preparation for a large volume move as we near the apex of the medium-term consolidation.
Long Trade:
For Long-Positions we will wait for a break of the resistance (White & Orange Line).
Create a price alert near the orange line. When there its a strong breakout with volume we will enter a long position with a final target of 30K.
Short Trade:
A break of the green support zone can create a violent drop in the price of Bitcoin towards 10K.
Create a price alert near the medium-term green support zone. When there is a strong break down with volume we will enter a short positions with a final target of 10K.
In this scenario we will also add BTC & Alt-coins to our long-term portfolio.
In our opinion we can see more downside in the Bitcoin price UNTIL there is a strong breakout of the falling wedge.
*Always use risk management & utilize stop loss & stop loss breakeven.