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BTC short term forecast: bearish. Operational range 7k to 8.8k

업데이트됨

Ascending wedge is a continuation pattern. The trend is downward. So it should break downward in the near term, but we're inside of a giant triangle, with a $7,000 floor. Which means the drop would be $700 or less. Upper limit is $8,800 and narrowing.

Volume in my chart highlights overwhelming bear or bull bias in trading, and while the price is climbing, its not overwhelming bull. Additionally volume is dropping. This makes the ascending wedge look like a bear flag.

Short term: Likely to revisit 7.1k, maybe even 7k. We may bounce up as high as 8.8k, but within 1-2 months the market should pick if we break upward or downward.

You can visit my previous bear call from May 8th here (under my previous screen name):

After 30 days in the rising channel, it's time to take profit

액티브 트레이드

Failure to bounce to the upper band can be taken as extremely bearish and that could cause the lower wedge to break down - dropping the price below $7,000.

액티브 트레이드

... and asc wedge breaks down the following day.