„For us, that is a clear sell signal. Not only for us but for most traders using the technical analysis. The potential target for the future drop is the area around the 280 USD, so the lows from March and April. Chances that we will get there are high. „
Current situation looks really bad. Some traders maybe do not agree and they see a bullish wedge but in my opinion this wedge is more a channel down formation. What is the difference? Well, wedge is a trend continuation pattern and suggests us a further upswing and channel down, no surprise here, promotes a further drop.