As previously stated 47k is a big psychological level and also adds confluence to a massive wedge that's been in play since the 5th with the upper resistance starting from the 12th of July. This is another tipping scale moment for BTC where either direction will be big.
Mapped out are three possible short scenarios stemming from different areas however they have different risk tolerances. The third short, furthest from now, is the highest r/r however if this wedge plays out as it should then we will see it.
The first short is a lower r/r however this takes into account a trend line stemming from the 21st of July and is where I will place TP providing my trailing SL won't get triggered.
TL:DR - Bearish wedge looks to play out around 47k , a breakout upwards of this wedge continuing with the upwards channel present is unlikely at this point.
Mapped out are three possible short scenarios stemming from different areas however they have different risk tolerances. The third short, furthest from now, is the highest r/r however if this wedge plays out as it should then we will see it.
The first short is a lower r/r however this takes into account a trend line stemming from the 21st of July and is where I will place TP providing my trailing SL won't get triggered.
TL:DR - Bearish wedge looks to play out around 47k , a breakout upwards of this wedge continuing with the upwards channel present is unlikely at this point.
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