BTCUSD / D1 / ~300 pt drop

Jul 5, 2018

I see hidden bear division on D1, and, a rising wedge. I understand some influencers have mentioned the rising wedge(bearish signal) could be a fake out, and that we could break the 6900-7000 resistance. However, taking cue from my previous experiences charting bitcoin, we've two indicators (both bear div & rising wedge) pointing a similar outcome, i.e. a drop; Ideally, a short from >6750 would be a good idea imo. As usual, appreciate your thoughts & comments.

Disclaimer: None of the content i share is a financial advise of any sorts, and is purely for educational and knowledge sharing purposes.

Jul 5, 2018

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Not to mention the similar patterns are visible on H4 and other TFs. On H4, we can see regular bear div, implying the journey from 66-6800 could be a tight squeeze, or a sudden pump/dump squeezing both longs and shorts, while respecting the diagonal support and resistances of the rising wedge before dropping to sub 6500 levels.

Jul 6, 2018

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