Looks like BTC is making an attempt to get out of its short term downtrend inside its wedge. We have a death cross on our 4HR chart and STOCH indicator showing downside action imminent.
To get back into uptrend it needs to break 8100 resistance and then 100 SMA (orange line) resistance and get back up to 8400 levels for support. So until it does that, I don't think BTC is making a huge move up just yet.
If BTC breaks wedge downwards, targets for down move would be at 7200 then 7000 then at our .618 FIb at around 6800. Stop loss at 8400.
To get back into uptrend it needs to break 8100 resistance and then 100 SMA (orange line) resistance and get back up to 8400 levels for support. So until it does that, I don't think BTC is making a huge move up just yet.
If BTC breaks wedge downwards, targets for down move would be at 7200 then 7000 then at our .618 FIb at around 6800. Stop loss at 8400.
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As a trader, always be prepared for when the market turns against you. I had to put a tighter stop loss after seeing the HL last night.
As a trader, always be prepared for when the market turns against you. I had to put a tighter stop loss after seeing the HL last night.