Bitcoin In A Rising Wedge
Updated
Rising Wedges Are Predominantly Bearish
Trend On 30 Min Chart: Upwards (although on a bigger picture coming from the $13,800, price have created a lower high at $12,300 yesterday and now meeting resistances and potentially reverse making this trend go south).
Breakout Downwards Probability: 68%
Expiration Time To Breakout: Between Now To 72 Hrs (The Yellow Horizontal Triangle has the potential to break either upwards or downwards)
The Top Line of Rising Wedge - is the trend line drawn from March 12, 2019
The Bottom Line of Rising Wedge - is the trend line drawn from the price action since July 29, 2019.
Breakout Potential Target Downwards: $9,600-$9,500
Support Levels:
1. $11,000
2. $10,200
3. $9,500
4. Abyss
Study this post I created yesterday about Bitcoin cycles, this may give a hint as to where Bitcoin's position is at the moment.
Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
Happy Trading Everyone.
Ron
===============================================
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
4th's The Charm - Bitcoin Breakout
===============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
===============================================
Check out Bitcoin Cycles
Bitcoin Cycle Of Rise, Peak, Drop
Trend On 30 Min Chart: Upwards (although on a bigger picture coming from the $13,800, price have created a lower high at $12,300 yesterday and now meeting resistances and potentially reverse making this trend go south).
Breakout Downwards Probability: 68%
Expiration Time To Breakout: Between Now To 72 Hrs (The Yellow Horizontal Triangle has the potential to break either upwards or downwards)
The Top Line of Rising Wedge - is the trend line drawn from March 12, 2019
The Bottom Line of Rising Wedge - is the trend line drawn from the price action since July 29, 2019.
Breakout Potential Target Downwards: $9,600-$9,500
Support Levels:
1. $11,000
2. $10,200
3. $9,500
4. Abyss
Study this post I created yesterday about Bitcoin cycles, this may give a hint as to where Bitcoin's position is at the moment.
Trade the breakout.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels.
Be prepared for either scenario.
Happy Trading Everyone.
Ron
===============================================
Check out these still valid mid-term outlook for Bitcoin using:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
4th's The Charm - Bitcoin Breakout
===============================================
Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
===============================================
Check out Bitcoin Cycles
Bitcoin Cycle Of Rise, Peak, Drop
Note
68% Probability of a Rising Wedge breaking downwards has been fulfilled.
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