BTC on holiday!
Updated
Is anyone else feeling a bit bullish? For a holiday weekend it looks like some action is ahead! We broke out of this inv. HS, but with a slanted neckline. I believe a slanted neckline like this calls for a breakout with less strength. So we did not go very far from the neckline, yet, we find ourselves forming a bull flag. If we break up from here i see us heading to 7.1k. This pink line has been a support in the middle of a larger rising wedge pattern for the past week now. This pink line has proven to be a strong support. Im curious to see if this leads us up to the top of our wedge (around 7.2k). From there, I would expect a rebound, a send towards the bottom of the larger wedge at 6.7K. This wedge is of a bearish pattern, eventually I believe we will break down from this and find some solid horizontal support below. There is currently some bearish divergence showing up on the smaller timeframes, and in case this idea falls apart, I have placed tight stops in place.
Usually, a holiday weekend calls for low volume, low volatility. Weekends for BTC, however, are wildcards. I think this weekend is a critical time, so I find myself enthusiastic to see what lies ahead.
Don't Blink!
Usually, a holiday weekend calls for low volume, low volatility. Weekends for BTC, however, are wildcards. I think this weekend is a critical time, so I find myself enthusiastic to see what lies ahead.
Don't Blink!
Note
right on track! I was a couple hours off on predicting the first shot to 7.1, however, the pink trend line has carried us right up to the top of the wedge pattern. we broke past and was stopped at the 7.2 horizontal resistance..retrace back into the pattern leaves me thinking we are gearing up for a ride down to the bottom of the wedge pattern at 6.6kan alternate to todays movements - the pink trend line remains valid, and we bounce in the upper part of this pattern a but more..still a long way to go before daily close! perhaps we test 7k and play around 7-7.2 until close.
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