COIN break down out of descending wedge

Aug 18, 2023

COIN was consolidating in a descending wedge with an oversold Stochastic reading and was primed for a breakout, but new macro environment resulted in a breakdown out of the wedge. Bitcoin is tumbling; I would look at the 200-day as a possible support area. A bounce in the major indices would coincide with COIN retesting the wedge breakdown. That would be a good area to open shorts. A rebound back into the wedge would re-open the idea of a squeeze, where confirmation would be an upside breakout and re-test of the upper wedge trend-line.