16 week Triangle that everyone was talking about seems to be a WEDGE! Here is why:
Since we almost don't have wicks on the top(check it yourself on the Daily chart), we should disregard wicks on the bottom
#1 rule: Wicks to wicks, body to body. If we charting it properly following this rule, we can clearly see a falling wedge and price just bounced from the lower line. That's why it spiked like that recently. $5800 has been tested multiple times and showed a strong support and now BTC testing resistance at $6250. If we will manage to break it, next stops are $6800-$7050, $7600-$7800, 9k, 10k, 11600 => Target
The measured target of this Wedge is $13500
Stay tuned!
//This information is not a recommendation to buy or sell. It is to be used for educational purposes only//
Since we almost don't have wicks on the top(check it yourself on the Daily chart), we should disregard wicks on the bottom
#1 rule: Wicks to wicks, body to body. If we charting it properly following this rule, we can clearly see a falling wedge and price just bounced from the lower line. That's why it spiked like that recently. $5800 has been tested multiple times and showed a strong support and now BTC testing resistance at $6250. If we will manage to break it, next stops are $6800-$7050, $7600-$7800, 9k, 10k, 11600 => Target
The measured target of this Wedge is $13500
Stay tuned!
//This information is not a recommendation to buy or sell. It is to be used for educational purposes only//
Note
Falling wedge pattern book examples: i.pinimg.com/originals/1e/5b/70/1e5b705f2a0f5ea7ecd50e87b1439902.jpg
sirforex.net/wp-content/uploads/2016/02/USDCAD-Falling-Wedge.png
optioninvestor.com/oin/images/education/traders/2008-11-30/TC_113008_4.gif
forex-central.net/chart-patterns/img/wedges.jpg
bettertrader.co.uk/.a/6a0162ff9ddd58970d01676218966b970b-800wi
Note
The very last example from the list above is a rising wedge, to show the differenceTrade closed: target reached
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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.