BTC moving to upper line of broadening descending wedge to 68500
2024-09-23

BTC's Descending Wedge Correction

Since reaching its All-Time High (ATH) of $73,750, Bitcoin has been undergoing a corrective phase within a descending broadening wedge. This correction has already completed a Fibonacci retracement of 0.382 since March 2024.

Bitcoin is currently making a move towards the upper wedge line at $68,500. If it successfully breaks above this level, we could see a retest of the March 2024 ATH.

However, a more likely scenario is that Bitcoin will fail to break through the descending wedge resistance. Traders often favor these large 40% swings, both up and down, and may continue to exploit these movements within the wedge for some time. This pattern has already repeated several times, with traders who recognized the descending wedge and capitalized on it potentially achieving gains of up to 400%.

If Bitcoin is rejected at the upper wedge line of $68,500, we could expect a pullback to the lower wedge line at $44,000 (a Fibonacci retracement of 0.5).

This pattern could continue until a Fibonacci retracement of 0.61 or 0.78 is reached, potentially at $32,000 or $26,000.

Trading Strategy:

Buy now if you are not already invested.
Anticipate selling on a rejection at the upper wedge line.
Consider re-entering around $44,000.

or use a put with a target of 44k

Leverage:

While leverage can amplify profits, it also increases risk.
Use leverage cautiously and be mindful of the potential risks associated with it  as exchanges are behind your money and they like it to rect you!

This is not a trading advise and made for educational purposes only. Do your own research and make your own decisions!