BTCUSD Nice Descending Wedge Formation

27. Aug. 2020

At the high of 12454.21 BTCUSD has down trended with a lower high at 11340.95. Thus said, price has not formed any lower lows since 11130.0 making this stong support as price came down to this level 3 times, which created a descending wedge formation! The top yellow line indicates the resistance level, and the bottom yellow line marks strong support previously mentioned. To continue, price is currently under the 50 moving average and should potentially break below support as price pinches inside the wedge formation. Entry is based on if you trade the retest or breakout, and that will be at the support line. take profit would be at the previous level of support or whatever feels comfortable. Also, stop loss will be close to a structure level where prices has tested multiple times to net a nice 2.43 risk to reward.