Now that we have structure to work with, my bias is on the downside for BTCUSD. I shared a H1 chart on Twitter 4 days ago when price has yet to break out of the rising wedge pattern. After breaking out, we can see a re-test and bounce off of the trendline as well as the 200 MA.
At that point, I would have entered a short trade because:
1) Unsuccessful attempt of breaking higher of broken wedge and 200 MA
2) Price rejected from turquoise & yellow trendline of RSI 14
Ever since then, we can see another re-test of the 200 MA on the H1 chart and 200 MA still holds.
At that point, I would have entered a short trade because:
1) Unsuccessful attempt of breaking higher of broken wedge and 200 MA
2) Price rejected from turquoise & yellow trendline of RSI 14
Ever since then, we can see another re-test of the 200 MA on the H1 chart and 200 MA still holds.
Comment:
Idea no longer valid. Price is in bullish territory now.