Bitcoin`s Rising Wedge
Updated
Bitcoin`s price action in last 16 days has created a rising wedge.
If you`re holding Bitcoin : I suggest keep it until we`re in rising wedge.
If you`re in altcoins : I suggest keep them until we`re in rising wedge.
If you`re in cash, tether and want to get Bitcoin : Buy when price is on lower edge, keep a tight "Stop Loss".
For price to move higher in rising wedge, there are two major resistance levels :
8431
8616
If Bitcoin falls from rising wedge, there are two major support levels :
7767
7318
Usually rising wedges end in a drop. However whether that drops ends in a minor correction or a major one, depends on a lot factors, one of most important ones, the power of drop`s volume. Depending on how powerful drop`s volume be, it will signal to market whether a minor or major correction is coming.
I will update this post based on evidence.
If you`re holding Bitcoin : I suggest keep it until we`re in rising wedge.
If you`re in altcoins : I suggest keep them until we`re in rising wedge.
If you`re in cash, tether and want to get Bitcoin : Buy when price is on lower edge, keep a tight "Stop Loss".
For price to move higher in rising wedge, there are two major resistance levels :
8431
8616
If Bitcoin falls from rising wedge, there are two major support levels :
7767
7318
Usually rising wedges end in a drop. However whether that drops ends in a minor correction or a major one, depends on a lot factors, one of most important ones, the power of drop`s volume. Depending on how powerful drop`s volume be, it will signal to market whether a minor or major correction is coming.
I will update this post based on evidence.
Note
First resistance line broken. As discussed before,
there`s no point in selling Bitcoin while it`s in the rising wedge.
Note
Bitcoin broke 8616 resistance level. The longer it stays above it, the higher chance previous resistance turn to a support.
Bitcoin is still well above lower edge of rising wedge, so I still don't see a reason to sell.
Next major resistance is 9260.
Note
After a big sell volume, Bitcoin bounced from first support level.
We might come back to re test the support level or drop to next support level, 8431.
Please note we`re still in the rising wedge.
Note
In case Bitcoin breaks 9000 and goes higher,
I recommend taking profit on major resistance
level (daily resistance level) of 9200 - 9300.
Note
Bitcoin is still in an uptrend getting support by the shown blue trend line.
There are two resistance lines, 9038 and 9260. If 9038 breaks to upward,
there`s high chance Bitcoin will have a correction after reaching major daily
resistance of 9200 - 9300 area.
Bitcoin owners : If 9038 resistance breaks upward, take some profit on
9200 - 9300 because there`s high chance of correction after reaching there.
If price falls below blue trend line, 8600 - 8650 is strong support.
Tether / USD : Considering high chance of correction if price reaches 9200 - 9300
resistance, I don`t see a good buy opportunity while blue trend line is holding.
If price falls below blue trend line, buying in 8600 - 8650 with stop loss might be
a good idea.
Note
choppy price action may continue this way
until price action gets very tight,
then we can expect a big move.
* Very tight price action usually indicates
a big move coming.
Note
Price is trying to go above 9260 resistance level.
9037, which used to be a resistance, will probably
act as support if Bitcoin pulls back.
Bitcoin Owners : No point in selling Bitcoin while 9037 support holds
Tether / USD : In case of a pull back to 9037, you can buy Bitcoin with stop loss
Trade closed: target reached
This trade ended with good profit. Please follow my new idea for Bitcoin :
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