Hi everyone,
Yesterday I mentioned that we are in a wedge (could be a bearish flag too), and we in a longer term downtrend.
Right now, the market is doing a pullback (Bitcoin), after seeing a strong rejection from the last resistance. First the pullback is most probably 50% bullish retracement, but on the other hand, the rejection might have formed a double-top which I would not be surprised if it did that.
-> Double-top/bottom usually forms after taking out the liquidity of the last high/low. Like what we just saw in BTC.
In conclusion, I think that this pullback will determine our direction, if we are going up and touch the next resistance, or going down and our long-term downtrend. I personally lean towards touching the next resistance.
Yesterday I mentioned that we are in a wedge (could be a bearish flag too), and we in a longer term downtrend.
Right now, the market is doing a pullback (Bitcoin), after seeing a strong rejection from the last resistance. First the pullback is most probably 50% bullish retracement, but on the other hand, the rejection might have formed a double-top which I would not be surprised if it did that.
-> Double-top/bottom usually forms after taking out the liquidity of the last high/low. Like what we just saw in BTC.
In conclusion, I think that this pullback will determine our direction, if we are going up and touch the next resistance, or going down and our long-term downtrend. I personally lean towards touching the next resistance.
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