BTC short term forecast: bearish. Operational range 7k to 8.8k

4 Haz 2018

Ascending wedge is a continuation pattern. The trend is downward. So it should break downward in the near term, but we're inside of a giant triangle, with a $7,000 floor. Which means the drop would be $700 or less. Upper limit is $8,800 and narrowing.

Volume in my chart highlights overwhelming bear or bull bias in trading, and while the price is climbing, its not overwhelming bull. Additionally volume is dropping. This makes the ascending wedge look like a bear flag.

Short term: Likely to revisit 7.1k, maybe even 7k. We may bounce up as high as 8.8k, but within 1-2 months the market should pick if we break upward or downward.

You can visit my previous bear call from May 8th here (under my previous screen name):

4 Haz 2018

İşlem aktif

Failure to bounce to the upper band can be taken as extremely bearish and that could cause the lower wedge to break down - dropping the price below $7,000.

4 Haz 2018

İşlem aktif

... and asc wedge breaks down the following day.

4 Haz 2018

İşlem kapandı: hedefe ulaştı

Closed short after almost $300 price drop to take profit.

10 Haz 2018

Not

We broke the lower wedge, so as expected, 7k is now toast.

10 Haz 2018

Not

s/wedge/pennant