rising wedge reaches apex at same time dbl bttm reaches neckline
Updated
Price action is still stuck inside the 4hr charts rising wedge(in blue) and judging by how strong its top trendline's resistance is, plud the crazy coincidence of where the rising wedges trajectory crosses paths with the eve bottom trendline(in pink)'s trajectory, we have very high probability of being stuck inside this wedge all the way up the double bottom until wedges very apex. At it's apex , we can see is where it crosses paths with the Eve trendline, which coincidentally enough happens to be Eve's apex as well(the neckline of the double bottom). It would make sense that it would wait until the apex of both to finally break...reaching a boiling point with both the bears and the bulls who would both be in a complete fit of hysteria if the price made it to that crossroads before breaking out of the rising wedge. Bears would be in hystrics because a rising wedge typically breaks bearish and is therefore a bearish chart pattern, and bulls would be in hstrics because we had made it all the way up to the neckline of the Eve Double bottom and just about to trigger it. Both bears and bulls would likely be too blinded by FOMO, FUD, and their own biases at that point for the bears to consider the double bottom, or for the bulls to consider the rising wedge and you would likely see a massive bear and bull fight ensue (more intense than we have seen yet) with several bear trap and bull trap fakeouts as a giant candlestick tug of war would begin.
Whether we make it to that apex crossroads or not before this rising wedge breaks down. . .one thing I think will happen sooner or later regardless is an inevitable breakdown from the wedge. I side with probability and probability favors a breakdown from big rising wedges....also, the top trendline of the wedge has already proven several times that it is an extremely strong resistance. It would be healthiest for the uptrend if when therising wedge does finally breakdown, that it does so well before the crossroads of the 2 patterns' apexes.
One good spot I've found where a breakdown could occur is on the 26th of April. You'll notice that I have drawn two dotted breakout trendlines around this time one breaking bullishly upward from the rising wedge(in green), and the other dotted trendlinee(in red) breaking bearishly downward. The reason I think April 26th is the optimal place for a bearish breakdown is because the projected bearish breakout drop target would take the price just down far enough to halt bear momentum on the eve trendline(in pink) which could then act as strong enough support that it rebounds the price action with a bounce so big that it sends it all the way back upward finally breaking above the rising wedge....which then the upward price breakout target would reach the top of the double bottoms neckline. The symmetry with the projected breakout target line is astounding to me that a break up or a break down will send us exactly to an extremely important trendline on the double bottom. They appear to be equidistant with this rising wedge cutting right smack dab through the dead center of them during that date...and chart patterns seem to really crave symmetry at times..
So for these reason I can see the rising wedge breaking downward by the 26th then bouncing all the way back up and then some...but if that doesn't happen then I anticipate that we may see a breakdown right at the crossroads of the do patterns' apexes which could be disasterous and complete negate the double bottom pattern potentially if it fell too deep. THis means that for the good of the bull market we would prefer the breakdown to happen around the 26th of April if one is gonna happen.
Whether we make it to that apex crossroads or not before this rising wedge breaks down. . .one thing I think will happen sooner or later regardless is an inevitable breakdown from the wedge. I side with probability and probability favors a breakdown from big rising wedges....also, the top trendline of the wedge has already proven several times that it is an extremely strong resistance. It would be healthiest for the uptrend if when therising wedge does finally breakdown, that it does so well before the crossroads of the 2 patterns' apexes.
One good spot I've found where a breakdown could occur is on the 26th of April. You'll notice that I have drawn two dotted breakout trendlines around this time one breaking bullishly upward from the rising wedge(in green), and the other dotted trendlinee(in red) breaking bearishly downward. The reason I think April 26th is the optimal place for a bearish breakdown is because the projected bearish breakout drop target would take the price just down far enough to halt bear momentum on the eve trendline(in pink) which could then act as strong enough support that it rebounds the price action with a bounce so big that it sends it all the way back upward finally breaking above the rising wedge....which then the upward price breakout target would reach the top of the double bottoms neckline. The symmetry with the projected breakout target line is astounding to me that a break up or a break down will send us exactly to an extremely important trendline on the double bottom. They appear to be equidistant with this rising wedge cutting right smack dab through the dead center of them during that date...and chart patterns seem to really crave symmetry at times..
So for these reason I can see the rising wedge breaking downward by the 26th then bouncing all the way back up and then some...but if that doesn't happen then I anticipate that we may see a breakdown right at the crossroads of the do patterns' apexes which could be disasterous and complete negate the double bottom pattern potentially if it fell too deep. THis means that for the good of the bull market we would prefer the breakdown to happen around the 26th of April if one is gonna happen.
Note
The last possibility I see is of course the price action finding a way to break upward well before the apex and no breakdown occuring at all. This is still quite probable as well, but I feel its more likely we will continue up slowly because of being stuck in the rising wedge for a little bit just to trigger some bear traps and bull traps...and then eventually breakdown around the 26th as a huge ebar trap before the eve bouncing us back up and above...as always I am ready for that but also ready for the exact opposite outcome to occur should things not side with the greatest probability. You side with whatever probability you find you like best however as this is not financial advice, nor am I a financial advisor. Best pf luck out there and thanks for reading keep both the bear and the bull sies of the bitcoin in mind on this one and you should be ready for either outcome. Just remember the bears and the bulls are 2 sides of the same bitcoin.
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