We have to important falling wedges in play.
The first one (smaller one) is imminent. The breakout of this one will lead us to $10300. Depending on if $10300 breaks, we will go higher and even possibly retest the $11000 region. If we break out to the upside.
Looking at the bigger timeframe we can see a giant rising wedge. This rising wedge supports the algorithmic targets at the $8000 region.
The safest way to trade this, is to wait for a breakout to either side and then go long/short. Resistance and support levels are precise, that's where you can expect a bounce/drop.
Watch the hourly close! We can easily see a fakeout and bull trap.
The first one (smaller one) is imminent. The breakout of this one will lead us to $10300. Depending on if $10300 breaks, we will go higher and even possibly retest the $11000 region. If we break out to the upside.
Looking at the bigger timeframe we can see a giant rising wedge. This rising wedge supports the algorithmic targets at the $8000 region.
The safest way to trade this, is to wait for a breakout to either side and then go long/short. Resistance and support levels are precise, that's where you can expect a bounce/drop.
Watch the hourly close! We can easily see a fakeout and bull trap.