Here's an opportunity for a quick long trade or potentially a breakout upwards from the wedge.
Falling Wedge has a determined top resistance line with multiple touch points and an area of great price rejection, an area to look for exit points when doing a quick 3%-3.5% long trade.
Bullish Signals: 1. RSI - Has Multiple Bullish Divergences 2. Stoch RSI - Momentum Is Directed Upwards (On 4H, Momentum is similarly directed upwards) 3. Falling Wedge is predominantly a bullish pattern with 60% chance of breaking out to the upside.
Warning! Watch for FU moves, extremely large wicks to the downside to take out short positions and instantly wick back up or vice versa, algo bots are set to hunt for stop losses.
Remember to always, always place your trailing stops at the appropriate levels as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement or downwards movement. <<<<<
Happy Trading Everyone.
Ron (Intrepid Trader)
============================================ Check out these still valid mid-term outlook for Bitcoin:
Support and Resistance Lines
The Trend-Based Fibonacci Extension Tool
Elliott Impulse And Correction Waves
Potential Inverse Head & Shoulders Pattern
============================================ Check out these still valid long-term outlook for Bitcoin using:
Bitcoin ABC Elliott Correction Wave & Gann Boxes
Bitcoin's Most Common Reversal Levels
Fractals: Hmmm, Pretty Similar To Me Bitcoin
============================================ Check out Bitcoin Cycles
Bitcoin Cycle Of Rise, Peak, Drop
============================================ Wonderful 61.8% And 38.2% Fibonacci Magic
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Elliott Impulse and Correction Waves
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Falling Wedge bottom line breached. Elliott Correction Wave invalidated.