BitcoinShort
BTC 4HR Rising Wedge
I drew this yesterday on the 4HR because I wasn't too sure if we'd bounce. Sure enough, BTC bounce'd back up and is meeting resistance just above 7.5k.
It's forming a nice little channel here with decreasing volume (No real follow through).
I missed this rally myself, I'm still waiting for a retest of $7-6.8k, and won't rush back in.
Historically, there's no real support in this area as well which is another reason for my cautiousness.
I'd give this a few days to play out and see what happens, but if you enter, set tight stops and alerts.
Personally, I'll continue to take a break from the trading for the week and jump back in this weekend.
It's forming a nice little channel here with decreasing volume (No real follow through).
I missed this rally myself, I'm still waiting for a retest of $7-6.8k, and won't rush back in.
Historically, there's no real support in this area as well which is another reason for my cautiousness.
I'd give this a few days to play out and see what happens, but if you enter, set tight stops and alerts.
Personally, I'll continue to take a break from the trading for the week and jump back in this weekend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.