Bitcoin - Expect a small pullback

6 Okt 2021

Bitcoin is currently showing some bullish price movement after the break of the parallel channel. And we have already met our price target from the break of channel, which was around 50K. As the price is moving up, it's creating an ascending wedge pattern. The ascending(rising) wedge pattern is a bearish chart pattern that signals an imminent breakout to the downside. So we can expect a break of the wedge shortly and a descent pullback. If it happens, pullback would be about 7-8%. I won't recommend trading against the trend, but go for it if the price action meet your entry criteria for a potential small short trade.

Have a nice trading day ahead