HBAR / BTC - Channel exit may indicate direction of RAAW
HBAR / BTC weekly chart has formed a right-angled ascending wedge (RAAW) since double-bottoming, rising to new highs, and then creating support over its May-Aug 2020 highs.
Since peaking in Sept 2021, we've formed a corrective channel.
Exiting to the upside or downside of the channel could help indicate whether we maintain that support and see continuation of our uptrend and an eventual exit of our RAAW.
Targets for channel exits in either direction and for the RAAW are shown on the chart. Reaching TP 2 of a bullish channel exit would confirm a continuation for our RAAW.
Reaching channel bottom would confirm a bearish exit of our RAAW.
However - channel bottom lies right at the lower-end of strong support, so it's possible it could still turn up from there, but unlikely as we've held the top of that support since exiting it back in May of last year. Exiting below the channel and below strong support may lend certainty towards a bearish trend heading towards a bullish triple bottom.
The target for our RAAW lies around 1765 sats, but the mid-point for that remains a strong stopping area for me as mid 13-1400s sats are original TP 1s for the double-bottom.
Long-term targets:
- Bullish: 1440 and then 1765 sats
- Bearish: Look for a triple bottom with a stop between 92-156 sats
Since peaking in Sept 2021, we've formed a corrective channel.
Exiting to the upside or downside of the channel could help indicate whether we maintain that support and see continuation of our uptrend and an eventual exit of our RAAW.
Targets for channel exits in either direction and for the RAAW are shown on the chart. Reaching TP 2 of a bullish channel exit would confirm a continuation for our RAAW.
Reaching channel bottom would confirm a bearish exit of our RAAW.
However - channel bottom lies right at the lower-end of strong support, so it's possible it could still turn up from there, but unlikely as we've held the top of that support since exiting it back in May of last year. Exiting below the channel and below strong support may lend certainty towards a bearish trend heading towards a bullish triple bottom.
The target for our RAAW lies around 1765 sats, but the mid-point for that remains a strong stopping area for me as mid 13-1400s sats are original TP 1s for the double-bottom.
Long-term targets:
- Bullish: 1440 and then 1765 sats
- Bearish: Look for a triple bottom with a stop between 92-156 sats
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