BitcoinLong
BTC ₿ Broadening Wedge: A Forecast from Support Trendline
Updated
Dear Respected Investors,
For those familiar with our track record, the customary elements on the chart should provide a sense of familiarity. If you're new to us, let me offer a brief introduction. We specialize in educating individuals on creating their trading AI, often utilizing advanced charting tools like TradingView for explanatory purposes. This particular idea is a collaboration between AI and TradingView.
From an AI perspective, this chart results from a sequence of trading bots using a technique known as boosting, employing a random forest algorithm to define forecast subsets. Simply put, the displayed chart represents the culmination of the latest bot's analysis, incorporating insights from all preceding bots in the sequence. The AI has identified a chart pattern known as a broadening wedge, typically signaling a continuation pattern. Assuming a bullish trend, this pattern suggests a continuation of positive momentum.
The support trendline of the wedge, traced from local bottoms within the wedge zone, is noteworthy. The recent retracement to $35,800 aligns with this trendline. The potential upward movement could extend to the wedge resistance, marked by the upper blue trendline at $39,500. These two trendlines illustrate the broadening wedge on the chart.
While our AI leans towards an optimistic scenario, it's crucial to acknowledge the inherent volatility associated with broadening wedges. Accordingly, we've set a stop-loss below the support trendline. We also encourage you to leverage all available safety measures.
This isn't investment advice, so thorough research is recommended.
If you find our work intriguing, we're open to sharing more about our AI's trading analytics with Santiment indicators and insights on training your AI to incorporate Santiment.
Warm regards,
Ely
For those familiar with our track record, the customary elements on the chart should provide a sense of familiarity. If you're new to us, let me offer a brief introduction. We specialize in educating individuals on creating their trading AI, often utilizing advanced charting tools like TradingView for explanatory purposes. This particular idea is a collaboration between AI and TradingView.
From an AI perspective, this chart results from a sequence of trading bots using a technique known as boosting, employing a random forest algorithm to define forecast subsets. Simply put, the displayed chart represents the culmination of the latest bot's analysis, incorporating insights from all preceding bots in the sequence. The AI has identified a chart pattern known as a broadening wedge, typically signaling a continuation pattern. Assuming a bullish trend, this pattern suggests a continuation of positive momentum.
The support trendline of the wedge, traced from local bottoms within the wedge zone, is noteworthy. The recent retracement to $35,800 aligns with this trendline. The potential upward movement could extend to the wedge resistance, marked by the upper blue trendline at $39,500. These two trendlines illustrate the broadening wedge on the chart.
While our AI leans towards an optimistic scenario, it's crucial to acknowledge the inherent volatility associated with broadening wedges. Accordingly, we've set a stop-loss below the support trendline. We also encourage you to leverage all available safety measures.
This isn't investment advice, so thorough research is recommended.
If you find our work intriguing, we're open to sharing more about our AI's trading analytics with Santiment indicators and insights on training your AI to incorporate Santiment.
Warm regards,
Ely
Note
For those of you who don't know what Santiment is, that's where you can create indicators with low code tools, but AI can translate them to TradingView's scripting language Pine, and you can import the Pine scripts into TradingView chart editor. If people are interested, I'll write up some education. In this idea, I omitted the background work and emphasized the results like broadening wedge, support, pump, and bullish trend.Note
Bitcoin price is nearing minor resistance. Moreover, AI detected an increasing supply of BTC flowing into exchanges. I recognized that a high inflow of coins tends to precede bearish market actions. I hint that you can consider taking some profit from your longs.Note
The daily candle is still in the making, and BTC has been bullish according to the idea so far, thus, the chart's target price is still viable.Note
Bitcoin's nearing target price. Fingers crossed for a hit in the near future because as time passes, BTC will require more and more momentum to achieve the target price, which is on the rising trendline.Trade closed: target reached
We witnessed the remarkable achievement of Bitcoin reaching the projected target price identified in the analytics. As anticipated, the minimum target aligned with the upper rising trendline (blue) visible on the chart, precisely where the white dotted arrow pointed. I extend my heartfelt gratitude to everyone who engaged by sharing their insightful perspectives on the outlook. Congratulations on this successful endeavor!
Disclaimer
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