Morning guys, hope you all doing well.
Let's talk about BTC, as BTC was forming a falling wedge which is a bullish pattern for continuation. However, we got daily closing below this wedge which is not a good sign for BTC IMO.
So what're the scenarios here-
1. If somehow price climb and get back to the wedge and we get daily closing again in a wedge, we will remain bullish so in that case, this dump will be fake-out to trap traders
2. Price retest this wedge and fall even more.
One thing to keep eyes on is 200-day Moving Average in the daily time frame sitting at 39800 which act as good support in all time frame, let's see if we get wick down to 200DMA and BTC ends it correction there and continue it's a rally to upward. And even I noticed people get fully mad on this type of dump, but in the bull market, this type of dump is normal and called a healthy correction for the market.
Please do like and follow for my work, see you in the next one :)
Let's talk about BTC, as BTC was forming a falling wedge which is a bullish pattern for continuation. However, we got daily closing below this wedge which is not a good sign for BTC IMO.
So what're the scenarios here-
1. If somehow price climb and get back to the wedge and we get daily closing again in a wedge, we will remain bullish so in that case, this dump will be fake-out to trap traders
2. Price retest this wedge and fall even more.
One thing to keep eyes on is 200-day Moving Average in the daily time frame sitting at 39800 which act as good support in all time frame, let's see if we get wick down to 200DMA and BTC ends it correction there and continue it's a rally to upward. And even I noticed people get fully mad on this type of dump, but in the bull market, this type of dump is normal and called a healthy correction for the market.
Please do like and follow for my work, see you in the next one :)
