BTCUSD quick update

BTCUSD quick update

AB balancing wedge is narrowing. The NS+DB sequence did show that #BTC was not ready to break down B. But this scenario remains valid as we have

 

  • Major zone of weakness above 9300 (from 21/Jun till 24/Sep)
  • Big SB 24/Sep
  • fake breakout (circled blue).

 

The recent up-bar with big volume looks like killing SLs above 8300. Note, we have minor SB on background. Many Sellers, who entered shorts on 15th/Oct, placed their SLs above 8300. Now they knocked out. If this interpretation true, we will see a building of a Shape of weakness (Red triangle) with a new attack on line B.

 

Be cautious, price is moving near the center of the wedge. This is why the market is vulnerable to send confusing signals.

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