Bitcoin Forming a Falling Wedge
During the 12/18 session, we noted that Bitcoin was forming a triangle against the US Dollar. After that observation, BTCUSD broke below the triangle and continues its bearish correction, testing what we anticipated as support in the 17800-18000 area.
$BTCUSD 1H Chart
(click to enlarge)
- A head and shoulders turned into a triangle.
- Now price action appears to be forming a falling wedge.
- The structure of this correction so far is choppy compared to the prevailing upswing.
- This difference in price structure suggests that this is indeed a correction to the trend, meaning we should anticipate a completion of consolidation, and a subsequent bullish swing.
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