BTC forming a massive rising wedge!

15 באפר׳ 2023

Here's a quick look at the BTC 8 hr chart.
Upon closer examination, it appears that the current market price has been constructing a larger rising wedge pattern. Should the price maintain its position within this particular formation, the most probable course of action would entail a subsequent decrease in value.
Furthermore, it is worth noting that the resistance level lying between 31k and 32k holds a significant degree of importance in the current context. In the event that this resistance barrier is breached, it is highly likely that the price will proceed to reach the 35k threshold. However, if the price instead breaks out to the downside from the rising wedge, a drop to 25k would seem to be the more plausible outcome. Therefore, it is crucial to keep a close eye on the movements of this wedge pattern.
-------------------------------------------
Recent Altcoin trades:

ARB / USDT: 30% profit

-------------------------------------------
About our trades:
Our success rate is notably high, with 10 out of 11 posted trade setups achieving at least their first target upon a breakout price breach (The most on TW!) . Our TradingView page serves as a testament to this claim, and we invite you to verify it!

-------------------------------------------
If you like the content, then make sure to comment and like the post :D

Follow me for daily profitable trading setups.

BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!