Chart of the day

BTCUSD CHART OF THE DAY

BTCUSD is reaching the top of the rising wedge top 31000-32000 zone and a 50% Fibonacci retracement of the last swing lower. This is the most important zone at this point and a break above is required for the upside continuation.

A rejection here and especially a break below 25000 would lead to a downside correctional reversal lower to test 17000 and extend in the fifth of the possible five waves lower. The rejecion and a confirmed break below would mark the end of the fourth wave and beginning of the fifth wave. Long trade entries, if you are not long from 16000, would be available upon a confirmed break above 32000 only.

Look for a possible short trade upon a break below 28000 with a stop loss above 29000 to target 25000 and lower.