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Wednesday, October 19, 2022

Waiting for Bearish Breakout to Support

Waiting for Bearish Breakout to Support

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

Currently price action consolidates on the daily timeframe as traders wait for the wedge breakout. My guess is that we're more likely to break lower as US inflation continues to rise pushing the USD higher and thus BTC lower.

If we get the breakout, personally I'm not interested in chasing the train but will wait for potential buying opportunity around the area I illustrated on the chart.

Via TradingView Ideas

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