Bullish Scenarios: IH&S > $10000 + Falling Wedge > $11700 — BTC
Updated
Hey Crypto Friends!
What a nice bull run / short squeeze. =) I know, we shouldn't be too optimistic because technically we're still in a bear market. But that should not prevent us to think about bullish scenarios in case we continue to rally.
I was looking at the big triangle and I asked myself: Is this really a triangle? By looking at the new low of $5755 I thought this looks more like a falling wedge. Of course the triangle was in place and we just rallied above (non-log) or below (log) its bottom close to the apex. That is what was widely expected by many analysts here on TV. Question is now: Where do we go from here? Do we get rejected or are the bulls strong enough to push further through? Latter is the scenario I would like to elaborate a bit further.
IN CASE WE PUSH HIGHER ABOVE THE BOTTOM OF THE BIG TRIANGLE:
Curious about your thoughts in the comment section below.
Don't forget to LIKE if you appreciate this idea.
Happy trading! =)
fiki
*** The information provided here is no recommendation to buy or sell. It's just an idea for educational and discussion purposes. ***
What a nice bull run / short squeeze. =) I know, we shouldn't be too optimistic because technically we're still in a bear market. But that should not prevent us to think about bullish scenarios in case we continue to rally.
I was looking at the big triangle and I asked myself: Is this really a triangle? By looking at the new low of $5755 I thought this looks more like a falling wedge. Of course the triangle was in place and we just rallied above (non-log) or below (log) its bottom close to the apex. That is what was widely expected by many analysts here on TV. Question is now: Where do we go from here? Do we get rejected or are the bulls strong enough to push further through? Latter is the scenario I would like to elaborate a bit further.
IN CASE WE PUSH HIGHER ABOVE THE BOTTOM OF THE BIG TRIANGLE:
- A) New & bigger IH&S:We just completed the inverse head & shoulders (IH&S) with the neckline around $6850. But as it looks there is another bigger IH&S forming with the new neckline being around $7800/7900. If we reach the neckline, form the right shoulder, and break through the neckline we may reach the IH&S Target of $10000.
- B) Falling wedge:Alternatively, we may also reach the top of the falling wedge without forming the right shoulder described in A). This would be a shortcut that could bring us the Falling Wedge Target of $11700.
Curious about your thoughts in the comment section below.
Don't forget to LIKE if you appreciate this idea.
Happy trading! =)
fiki
*** The information provided here is no recommendation to buy or sell. It's just an idea for educational and discussion purposes. ***
Note
For the moment it looks like we're staying above the bottom of the big triangle (red support line) which is still a bullish sign. If this remains the case during the next few days, we may see the forming of a short right shoulder. Finishing the right shoulder may then coincide with the breakout of the falling wedge (or breakdown in case of failure). Because of the slight negative tilt of the neckline the new IH&S target would be around $9650/9700. Falling wedge target remains the same.
Related publications
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.