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$BTC Broke Out!?
Up Or Down!?
Price action broke downwards out of the large blue bearflag with a target of $48,900.
Then price action formed a white falling wedge. Falling wedges breakout to the upside 68% of the time. Target of the falling wedge is $63,713.
On the breakout of the white falling wedge we can see a pink cup and handle. Currently price action is forming the falling wedge handle to the pattern.
If price action can hold the yellow 5-min 200MA then get back above the 15 min 200MA currently at $63,458.
We could see the 1hr 200MA retested. This would also be a bearish restest of the larger blue bearflag breakdown.
This is what Im waiting for before entering the trade.
There is a lot of potential for the downside.
The 1Hr 200MA is currently just starting to curl over signaling weakness in the bulls.
NFA, DYOR ⚠️
#Crypto #Trading #BTC