BTC/USD update: Bearish rising wedge playing out
After dropping below long term trend support a few days ago, BTC managed to recover a bit despite little indication of a strong reversal. This lead to yet another rising wedge pattern. These should start looking familiar, and hopefully people are learning to not get excited when they see these patterns. This particular setup is very familiar. I have predicted $6200 as the bottom in the past. We have a long way to go yet, but if support does not hold this time I am not sure we see a bounce until we go below $7k again. Very interesting zone. I recommend staying on the sidelines for now until BTC makes a decision. Not good risk/reward on either side at the moment.
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