BTC Broadening Descending Wedge 4H

BTC moving inside a broadening descending wedge on the 4H chart.

This shape has a bullish outcome more often than not.

Price action has touched major support twice.

BTC Price is back above the 50 SMA which is a good sign.

Keep an eye on this structure.

NFA

Do your own DD

Note

trend structure is breaking

Note

Next target if price can hold above the descending resistance

Note

4H has overcome to 200sma

Note

Daily meeting the 50sma and approaching level 60 RSI

Note

wick fills gap between 50/100 sma daily

Note

If Pa holds above daily 50 sma long enough for this 4H cross to occur, there could be more fireworks

Note

price rebounded after 4H 50/100 cross

Note

This is where this trend comes to a macro trend juncture and will be the final update for this idea. The 3.618 and the descending resistance are are between 67,200 and 66,000. If the PA meets that zone, this is the chart I will be moving to next.

Note

Next Idea to come will be from the daily based on what happens at this juncture.

Note

In reference too January 16th update above.

Idea Closed.

BallsOfSteel32

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