pranjalchaubey

BTC - A Case of Two Falling Wedges

BINANCE:BTCUSDT   Bitcoin / TetherUS
Two falling wedge breakouts observed on the Bitcoin chart.
The first one showing a strong and healthy breakout (with an above than average volume ).
The latest falling wedge breakout has been a disappointment so far. Volumes have been
below average and the price seems to be struggling.
A break below the critical support level marked by the yellow line could be catastrophic.
Given the macroeconomic environment with FED talking about speeding up the Tapering schedule and a
possibility of a rate hike if inflation continues to grow strong, being cautious in this market is best way forward.

Don't get caught up in the 'Bitcoin is an Inflation Hedge' narrative.
Bitcoin is a 'Risk On' asset :)

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