BTCUSD Falling Wedge Bullish Bias

٢٦ يناير ٢٠١٨

On the chart one can see the areas that align at certain points on the support line marked by the arrows of the falling wedge, indicating how low price may drop in this wedge formation. The 6052 area is a bit low for this pattern as price is rather close to the apex. That doesn't mean that price can't fall to the 6052 area approximate, it just means possibly not this go around for this wedge. When you see price too close to the apex (the point of the falling wedge) this can be a sign of a weak break and price can fail and head downwards. You can study the areas and wait for prices to reach any of the price points indicated by the arrows for consideration to enter long positions. Remember also that price can break early out of a wedge pattern. I've seen them break as early as a third of the way into the pattern. A nicely formed wedge will fill to 2/3 of the way and a little further but not too close to the apex. That's the text book rule so allow for leeway. Another area not marked by an arrow is the 8032. There is much opportunity. Happy trading.