The Falling Wedge Proves Itself Again | Bitcoin

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
In my previous analysis I talked about The falling channel Bitcoin was in. However when I took another look at it, it looked more like a falling wedge . This does not make any difference in the outcome of the price but this shows that TA can be subjective. But that is not what I wanted to talk about.

Falling wedges and channels are my favorite bullish trade setups for any asset and it shows again. The setup is as follows:
1: We spot a falling wedge or channel preferibly on the daily timeframe or higher.
2: The price start going sideways at the bottom of the channel or wedge . This is where you want to buy. Look for a bullish divergence on the rsi on the hourly or maybe even the 15 min chart for an even better setup.
3: Set a stop-loss in case the price breaks support.
4: ?
5: profit

On this chart we can see 2 horizontal white lines above the current price. These are the price targets for this setup.


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