BTC / USD Wedge Target & Medium Term Sentiment
Expecting another leg down on BTC. Currently watching price action to see if a retest of the bottom of the wedge (or reach towards it) will be featured. It is difficult to prematurely put these events in sequence.
Best course of action would be to wait for a test of the red line that is currently indicated just above current price and observe the reaction to that.
Price will either break above and test a range in the proximity of a fib/resistance level/bottom of wedge or we reject that level and most likely breakdown to hit the wedge target.
In most scenarios, medium-term sentiment is bearish.
Also important to note that wedge targets are minimums. Not impossible to make downward progress. Given this scenario: sights would be set on sub 7K. However, that scenario is low probability due to the amount of time spent in accumulation in this trading range.
Best course of action would be to wait for a test of the red line that is currently indicated just above current price and observe the reaction to that.
Price will either break above and test a range in the proximity of a fib/resistance level/bottom of wedge or we reject that level and most likely breakdown to hit the wedge target.
In most scenarios, medium-term sentiment is bearish.
Also important to note that wedge targets are minimums. Not impossible to make downward progress. Given this scenario: sights would be set on sub 7K. However, that scenario is low probability due to the amount of time spent in accumulation in this trading range.
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