The Falling Wedge of Bitcoinmania
What a crazy few days of trading we have been having during this time. I am currently in fiat.
There is a falling wedge that I have been following for the past six days and I am amazed that the price has traced neatly inside of it. If the price can break 9030 then it is a sure bullish sign written in the stars. Failure for it to break out with a decent volume then it indicates a fakeout and caution would be warranted for the potential to nosedive or just simply range. This pattern would be confirmed when a day closes outside of the trend.
This is a tall pattern at 23.87% and should perform better than one that is shorter.
StochRSI is really oversold which does give this indicator more validity should a breakout occur. Expecting ~60% of a breakout occurring. Despite that, we could throwback quickly back to the breakout.
Target breakout zone: 8176-7988.
Upward breakout target: 9832 (20.4%)
A wedge has historically not been known to perform as well as many of the other chart patterns but it is still always worth taking a look at.
Good luck and happy trading.
There is a falling wedge that I have been following for the past six days and I am amazed that the price has traced neatly inside of it. If the price can break 9030 then it is a sure bullish sign written in the stars. Failure for it to break out with a decent volume then it indicates a fakeout and caution would be warranted for the potential to nosedive or just simply range. This pattern would be confirmed when a day closes outside of the trend.
This is a tall pattern at 23.87% and should perform better than one that is shorter.
StochRSI is really oversold which does give this indicator more validity should a breakout occur. Expecting ~60% of a breakout occurring. Despite that, we could throwback quickly back to the breakout.
Target breakout zone: 8176-7988.
Upward breakout target: 9832 (20.4%)
A wedge has historically not been known to perform as well as many of the other chart patterns but it is still always worth taking a look at.
Good luck and happy trading.
Trade closed: target reached
Buy orders I had in place around ~8100 have been filled. Let's see how the rest of this week plays out.Note
Closed outside of the wedge. The downtrend continues it seems. Well, always a good time to bag hold!
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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.