Small rising wedge within a larger falling wedge

9 Apr 2018

BTC is currently ending it rise within an small time-frame rising wedge (yellow lines). A high probability scenario is a fall to around 6k or lower. In a larger time-frame, BTC is descending within a larger falling wedge (purple lines), which could in theory bring the price below 5k, but we should first wait and see the further price action before we jump to conclusions. If we take out the February low and we bounce forcefully, I would turn bullish for at least a couple of weeks.

In a longer term, if we manage to cross the main downward trend line (orange line on the chart, starting at the ATH) and bounce from it, that would be a great bullish sign.