DrDovetail

descending wedge redwrn for 4hr chart we have NOT broken out yet

Long
BITFINEX:BTCUSD   Bitcoin
Apologies to all as it just dawned on me that when I drew my descending wedge lines I had drawn them on the day chart when normally I do them on the 4 hr chart...once I switched to the 4 hour chart I could tell the lines were too close together...redrawing them for the 4 hour shows that we have only wicked above the ascending wedge line and have not had an official outbreak yet....even with the huge spike in volume..I anticipate that we may have a bit of a dip here for a bit before retesting the wedge and finally having the breakout...but for now the good news is the head and shoulders scenario was definitely a false breakout. However the head and shoulders is also now still in play but with less probability than an upward breakout form the descending wedge. We see currently that we climbed all the way back to the top green trendline of the earlier descending channel and got a pretty big rejection bounce down from it confirming it as current resistance. the rest of the chart speaks for itself...please disregard the previous idea as this is the real chart...I tried to edit it and put it back up as soon as possible after posting the other so as to not let anyone get the wrong impression...unfortunately it wont let me delete the other one I posted just 20 minutes ago. The trend lines were much different on the 4 hr but the 4 hour tends to always have the most accurate trendlines. I'm still anticipating a breakout at saome point soon but we may go down as far as the bottom of the descending wedge agin and then bouncing back up to the top of the wedge again before the breakout.....as you can see the descending wedge conveniently comes to an end right as it collides with our very strong support of the ascending grey trendline. Anyways I repeat it is NOT NOT a breakout just yet. Hold tight and sorry for the false alarm the 4hr trendlines are much more precise for the wedge.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.