BTC formed a small falling wedge, good for a quick scalp
BTC completed the triangle that I posted a couple of days ago, and it indeed broke down, so I managed to scalp a few bucks there.
Luckily, it didn't break down too low, but it was enough to form a rather small falling wedge on the 4h timeframe (marked by the purple lines).
If it breaks up as it should, we have a small target, but still worth trading it. It should go as high as, at least, the upper band of the triangle it broke yesterday, which right now sits at around 6600, so in order for this to work, we would need a bit of leverage. As such, you should be careful with your stops.
If it breaks down, I'd expect it to test the horizontal 6130 line that acted as resistance for these past months.
Trade safely, thumb me up if this was useful!
Luckily, it didn't break down too low, but it was enough to form a rather small falling wedge on the 4h timeframe (marked by the purple lines).
If it breaks up as it should, we have a small target, but still worth trading it. It should go as high as, at least, the upper band of the triangle it broke yesterday, which right now sits at around 6600, so in order for this to work, we would need a bit of leverage. As such, you should be careful with your stops.
If it breaks down, I'd expect it to test the horizontal 6130 line that acted as resistance for these past months.
Trade safely, thumb me up if this was useful!
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