Now that we have structure to work with, my bias is on the downside for BTCUSD
. I shared a H1 chart on Twitter 4 days ago when price has yet to break out of the rising wedge
pattern. After breaking out, we can see a re-test and bounce off of the trendline
as well as the 200 MA.
At that point, I would have entered a short trade because:
1) Unsuccessful attempt of breaking higher of broken wedge
and 200 MA
2) Price rejected from turquoise & yellow trendline
Ever since then, we can see another re-test of the 200 MA on the H1 chart and 200 MA still holds.