Trading pair BTC/USD. Uncertainty in the direction of price movement.

Hello, gentlemen..

In my last post about bitcoin, I said that I expect the price to fall due to the formed pattern of "ascending narrowing wedge". Two days passed and the situation became very tense. Traders have a difference of opinion where the price will go up or down.

First, the general stock chart
"Bitfinex", timeframe is 1 day.

1 and 2 are the main support and resistance lines. If the price moves up, the next resistance line will be line 3.
4 - local support line.

Increased schedule.

Consider two options. The first (1v) shows us the breakdown of the upper boundary of the yellow cone. In this case, the price will hit the next resistance line 3 at $6200+/-. In addition, the BTC price rate drew a figure similar to a "Cup with a handle". So in the case of execution of this option, in the future the price may rise to $7400-$7700.

The second option (2v) shows the breakdown of the lower boundary of the yellow cone. In this case, the price will first hit the resistance line 4 at $ 4800. After that, the price will start a lateral movement inside the corner limited by lines 1 and 2

Now I am less sure that the price will start to fall. The fact is that the graphs of many serious altcoins show that they are expected to rebound after the correction. But the rebound does not mean growth.

How to act in such uncertain cases - everyone decides for himself. There are no hard and fast rules and every trader has his own solution for such a case

Good luck!

The @upvoteinvest team

A formal disclaimer
Some of the posts might contain our opinion on trading strategies based on our technical and fundamental knowledge. However, please, invest at your own risk. We can’t be held responsible for any losses.