Is Bitcoin still selling off?

Looking at the 15 minute chart for BTCUSD, price has failed to meet downside targets for a short term trade that I alluded to in my previous post - "Why I Shorted Bitcoin Today" (https://steemit.com/bitcoin/@crypto-toast/why-i-shorted-bitcoin-today).

Price did fall very close to targets however failed to meet (hopefully some of you locked in profits). This can typically be a sign of sellers started to lose control with the buyers taking over.

Furthermore, the consolidation zone that triggered the short term sell trade has seen reasonable volume to break through. This is the second clue that might be signalling a near term reversal pattern and demand meet be exceeding supply on the smaller timeframes.

Two possible scenarios that could unfold and will know over the weekend are shown on the chart.

Follow at: https://www.tradingview.com/chart/BTCUSD/3ZTwB9rS-Bitcoin-still-selling-off/

There is a larger falling wedge pattern that is near the psychological $7,000 level that would require strong volume to push through the the falling wedge pattern.

Should this occur, the strength of the move will be key to determine if it can hold above the $7,000 level. Failure to break this level would be a bearish signal.

Without a clear direction, its time to sit on my hands and wait for the next signal to confirm trend (and protect capital).

Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.