Hi everyone,
It's not unlikely that BTC is travelling within a downtrending channel (red dotted lines) since the blowoff top, but also currently within a falling wedge, which is bullish in the short term.
Possible price action:
A quick drop to the bottom of the wedge, coinciding with the 50% retracement at around $8.5k, followed by a bullish rally to the upper end of the downtrending channel (around $11.8k).
Cheers,
Leb Crypto
It's not unlikely that BTC is travelling within a downtrending channel (red dotted lines) since the blowoff top, but also currently within a falling wedge, which is bullish in the short term.
Possible price action:
A quick drop to the bottom of the wedge, coinciding with the 50% retracement at around $8.5k, followed by a bullish rally to the upper end of the downtrending channel (around $11.8k).
Cheers,
Leb Crypto
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