Yolos
Short

Interesting Idea: hidden bearish wedge (with breakout)

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
I think certain technical formations may exist even when price action "hides" them. Here I drew out what I thought a bearish wedge, hidden by a rally that was rejected in nearly equal selloff. My thought is that you can somewhat disregard the rally since it was met with an equal sized selloff, creating a neutral zone of high volatility. Then draw what appears to be an upward slanted wedge (as if the rally never happened), which is bearish and usually followed by a breakout down. As it turns out, the hidden wedge predicted price action quite well. I am still bearish and expect to test the 2000 level within a day or two.
Yolos
2 years ago
Another "neutral zone of high volatility" seems to have popped us right back into the wedge. I'm questioning whether this formation is valid or not; I will look for more cases in the future. Maybe this last cross will finally be an uncontested breakout for the bears.
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