BTCUSD Falling Wedge Through October 100% to 138.2% Targets
BTCUSDI feel Bitcoin will trade within the Falling Wedge Pattern through the month of October, and possibly into early November. The Parallel Channel should act as container until capitulation.
Here is what StockCharts . Com has to say about this pattern:
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs.
I hold the proposal that Bitcoin can correct to the Fib. Extension Levels between 100%($8,560) - 138.2%($7,558). If BTC breaks past the 161.8% Fibonacci Extension, then perhaps the move should be considered an Impulse Wave, and further drawdown can be possible.
In the linked idea below, please review my analysis for the roadmap I've proposed regarding Bitcoin potential patterns playing out, as well targets for WXY correction.
Also, If/When Trump wins, the DXY Index should resume its bearish momentum into 2021.
Of course, I may have it all wrong....Let's See!
Some Alts may already be signaling possible reversals; OMG, ADA? Then there's THETA, the silent killer, just creeping up!
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