BTC - Falling Wedge Update - Getting Close to the Apex!!
We are still trading nicely within the falling wedge pattern that I previously identified. We are currently forming a small symmetrical triangle that will send us down to 5560ish. We will then trek sideways a bit longer, before hitting former support/now resistance 5770ish before our final descent closer to the apex. From here we will finally launch up towards our target around 6750-6850 before retracing again (probably to a level closer to the April low before bouncing away).
Short until we get close to the apex then long on a confirmed breakout!
Edit - Please note the target based on the height of the falling wedge will move slightly depending on the exact point we breakout. If we are close to the apex then the height will obviously take us a little lower. Conversely, if we break out earlier the height will take us higher.
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