Possible Bitcoin Ascending Wedge - targets & speculation

Updated

Looks like we're near the top of an Ascending Wedge (purple).

We're also at a trendline formed from the last couple tops and matches a few points further back (purple line).

So I'm speculating that a drop is imminent (although this is bitcoin so who knows - my last prediction looked pretty solid and didn't pan out lol).

Assuming it does drop, I have a couple ideas for where it might end up - see chart for details.

If this doesn't end up being and Ascending Wedge and keeps going up, I'm thinking it might be a Bullish Wolfe Wave (will post another idea about this)

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Here's a downward breakout scenario - there's currently a Head & Shoulders forming on the 5 min chart, and it's right at the edge of the bottom of the wedge. If it breaks down, the target would be low enough to be considered a breakout from the Ascending Wedge. We'll know shortly! (the orange lines following the H&S are just baseless speculation)

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Closer screenshot (the other one was a little unclear)

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There we go! H&S broke downwards, which broke us downwards out of the Ascending Triangle - let's see if the breakout holds. I'm short until we reach the red trendline, or until it looks like a reversal.

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Another possibility is that is will turn out to be more of a channel than a wedge, which would give greater credence to the Bullish Wolfe Wave theory.

Not sure yet, let's see how it recovers from the H&S breakout.

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Another update in the comments - not sure which way it's going to go because when I checked out Bitstamp, there's a clear channel and we haven't broken out of it yet. On the other hand, on Bitfinex, we've broken out even when drawn as a channel, and we may be forming another Head & Shoulders.

One thing is clear though, if we break above about $1070 again, it's looking very bullish because of this Inverse Head & Shoulders:

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***SWITCHING USERNAME TO Oops_I_Charted***

tradingview.com/u/Oops_I_Charted/

Hey guys, just letting you know I’m disabling this account and changing my account permanently over to Oops_I_Charted.

I’ll be continuing my ideas over there so If you’re following me please follow the other account instead if you’re interested :)

Thanks!

biggullycoin

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