XBT ... will the downward wedge work itself out?
XBT 4h
Price from the beginning of September began to draw a downward wedge, the purpose of which is to break up. We all saw that the level of 9850-10000 is very well bought out, the wicks from the candles are proof of this.
Why should the growth go just from these marks and not after the next retest of the level of 9850-10000?
1. The dominance of bitcoin, which is currently fixed above an important level (local maximum of August 9th). If the price moves above it, then we will see the wedge development.
2. Yesterday, at the 4-hour timeframe, the “triple bottom” figure formed, or as it is called in the candlestick analysis of “three buddhas”, the pattern was formed on the local bottom
Practicing the wedge can lead us to goals either $ 10312 (EMAs pass on 4h and on day timeframes) or to $ 10450 (a strong resistance level on 4h timeframe). Then we expect the scenario to be worked out with a trip to the lower border of the triangle, which everyone is so actively talking about.
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Price from the beginning of September began to draw a downward wedge, the purpose of which is to break up. We all saw that the level of 9850-10000 is very well bought out, the wicks from the candles are proof of this.
Why should the growth go just from these marks and not after the next retest of the level of 9850-10000?
1. The dominance of bitcoin, which is currently fixed above an important level (local maximum of August 9th). If the price moves above it, then we will see the wedge development.
2. Yesterday, at the 4-hour timeframe, the “triple bottom” figure formed, or as it is called in the candlestick analysis of “three buddhas”, the pattern was formed on the local bottom
Practicing the wedge can lead us to goals either $ 10312 (EMAs pass on 4h and on day timeframes) or to $ 10450 (a strong resistance level on 4h timeframe). Then we expect the scenario to be worked out with a trip to the lower border of the triangle, which everyone is so actively talking about.
Join our telegram channel to get the latest updates on crypto t.me/joinchat/AAAAAEsJVT3_OqJpHFmv3w
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