BTCUSD - Could Be Topping by DanV on TradingView.com
15 July 2014
Previously proposed rising wedge appear to be failing judging from the price action. Hence the expected move above 680 to 700-720 zone is now looking very unlikely. Having struggled to make any successful bounce of 620 zone.
Both the MACD and Stochastic are suggesting bearish move.
If this is the case then we could have several weeks of down trend towards 310-280 zone.
Many may find this illogical. However, this anticipation is based on my view and all traders must do their own analysis. I have at times entertained various possible outcomes. Such anticipation is not always guaranteed to play out. However it should keep from being trapped on the wrong side of the developing trend.
The falling wedge being proposed now is nothing new and was considered when we were bouncing of the 340 low (see chart 12). It seems we still have essentially the same pattern but larger one.
For those who might object to me keep adjusting my views will note that overall expectation has not changed and that it is my prerogative to do so with my charts.
If you wish to gain understanding on what falling wedge might be or what it signifies you can view some of my YouTube videos in which I have explained the concept along with other ideas. The last one explaining why retest of 340 low or new lower low could be found here.