So on the larger timeframe Bitcoin has broken out of the rising wedge pattern, confirming further downside pressure is expected.
I'm now looking for trend continuation trades to ride the wave should it continue as it's the higher probability trade.
A smaller rising wedge pattern has emerged on the lower timeframes that has peaked my interest. I'm waiting to see if we will get another re-test of the upper trend line. A short pop above with RSI divergence would be very enticing.
Otherwise, I'll take a trade on the break of the trend line using a stop-limit order to target the 38.2% retracement of the swing move from near $5,700 area.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
I'm now looking for trend continuation trades to ride the wave should it continue as it's the higher probability trade.
A smaller rising wedge pattern has emerged on the lower timeframes that has peaked my interest. I'm waiting to see if we will get another re-test of the upper trend line. A short pop above with RSI divergence would be very enticing.
Otherwise, I'll take a trade on the break of the trend line using a stop-limit order to target the 38.2% retracement of the swing move from near $5,700 area.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
