Price Broke the Downwards Trend Line
On 12/06, we saw that price broke a heavily sloped downwards trend line after a nice rally towards .0005 BTC area. Due to such a steep slope, we could have deduced the fall would not have lasted long and we looked to the prior .0003 price point for the break, due to the wick we've seen on 12/02.
Tip: Wait for the candles to close outside of the trend line to confirm a break
A Wedge has formed
Once price broke, we've seen a small flag formed, with a very narrow wedge that is quickly closing - creating a possible reaction point within the next few hours. It's is unclear if we will continue to see a bullish or bearish move due to the direction of the wedge, but it is clear that there is a strong support level right at the base of the wedge, giving buyers some confidence that there may be a slight bullish bias.
Should the price fall, wait for it to break both the wedge & support level before entering a trade - confirmation trading is the best trading!
