FieryTrading comments on Bitcoin price - 24/10/22

In this analysis I'd like to shed some light on a view on the market which I've not seen many people talk about: the idea that BTC is trading within a massive falling wedge since the November top. Falling wedges are classically bullish reversal patterns, this would indicate that BTC is either on the verge of breaking out bullish , or that we can see another drop down to the support (which would likely be the bottom).

As seen on the chart, BTC is currently trading on the resistance of the falling wedge . That would mean that we're going to see some kind of big move in the coming days; either a break out of the wedge or a ( bearish ) continuation and a move towards the wedge's support.

In my view, BTC still has another leg down to go. See the analysis below for a more complete bearish analysis.

In my opinion, this falling wedge is one of the many views on the market. Try to keep an open mind and see what the market gives you. Going to be an interesting week.

Are you bullish or bearish on crypto? Please share your thoughts🙏🔥