HELLO ALL AND GOOD DAY TO EVERYONE.
In the last update I went over the weekly price pattern of the descending broadening wedge. There would be one of two likely scenarios playing out. 1: we start moving up from these levels to test the wedge's resistance, have a partial decline and then break up out to the upside target. 2: We move down first to make either a lower low or higher low before moving up to the anticipate breakout target. Recent price development might be suggesting the former is going to occur. Here is the chart for the Chicago mercantile exchange , which has been proven to be a reliable indicator for price movement based on gaps left in the chart when Bitcoins price moves while the exchange is closed. As you can see there was a very large gap left at around $9,000 to the $8,300 area.
Based on the concept that voids in the charts are filled, we can expect this price to be revisited at some point in the future.
Looking at the Rising triangle now, having 5 points marked by A through E, point D is lining up with the 200EMA on the 4H chart. The last touch point E in this pattern might come at this very important support level at $6,430 seen here on the 1D chart.
This current development seems to be coming along with this megaphone idea. A move up to the resistance to fill the CME gap, followed by a partial decline and ultimately a break of this long term resistance which according to Bulkowski has a higher probability of playing out than not.
This is not financial or trading advice.
Please do your own research.
In the last update I went over the weekly price pattern of the descending broadening wedge. There would be one of two likely scenarios playing out. 1: we start moving up from these levels to test the wedge's resistance, have a partial decline and then break up out to the upside target. 2: We move down first to make either a lower low or higher low before moving up to the anticipate breakout target. Recent price development might be suggesting the former is going to occur. Here is the chart for the Chicago mercantile exchange , which has been proven to be a reliable indicator for price movement based on gaps left in the chart when Bitcoins price moves while the exchange is closed. As you can see there was a very large gap left at around $9,000 to the $8,300 area.
Based on the concept that voids in the charts are filled, we can expect this price to be revisited at some point in the future.
Looking at the Rising triangle now, having 5 points marked by A through E, point D is lining up with the 200EMA on the 4H chart. The last touch point E in this pattern might come at this very important support level at $6,430 seen here on the 1D chart.
This current development seems to be coming along with this megaphone idea. A move up to the resistance to fill the CME gap, followed by a partial decline and ultimately a break of this long term resistance which according to Bulkowski has a higher probability of playing out than not.
This is not financial or trading advice.
Please do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.