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Long

BTC FALLING WEDGE BULLISH PATTERN

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Los Angeles 12:14AM. BTC             Falling wedge is a bullish pattern that beings wide at the top and contracts as prices move lower. The falling wedge can also fit into the continuation category. As a continuation pattern, the falling wedge will still slope down, but the slope will be against the prevailing uptrend. As a reversal pattern, the falling wedge slopes down and with the prevailing trend. Regardless of the type (reversal or continuation), falling wedges are regarded as bullish patterns.

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:falling_wedge_reversal

What to look for:
  • Volume: After the large volume decline on JanFeb (red arrow), upside volume began to increase. Above-average volume continued on advancing days and when CMF             broke trend line resistance. Money flows confirmed the strength by surpassing their selloff high.
  • BTC RSI is pretty much never in oversold. This is probably the best time to buy BTC             .
  • Minute charts breaking resistances and above the kumo cloud showing bullish price action. Only a matter of time before 4H and 1D charts show price action above the kumo clouds.
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