Ironman_8848

BTC - D1 - RISING WEDGE IN PROGRESS !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
D1 : A rising wedge formation is in progress.
After the "doji" seen on Saturday, yesterday's price
triggered a black candle ( bearish ), which, nevertheless
managed :
1) to hold above the Mid Bollinger Band on a closing basis
2) to close roughly at the top clouds support area
3) to stay inside the rising wedge
All those "ingredients" gave some support which is triggering
today, a recovery attempt to breakout the former high @ 58'549,
which triggered the doji above mentioned.
Nevertheless, looking at the technical indicator at the bottom of the chart
we can see that, in the past, and this 4 times, when the indicator cross under,
(blue line under the red line), a significant trend reversal occured...
Will history repeat hitself ?
Therefore, I would strongly suggest to closely monitor this indicator on a Daily basis.
RISING WEDGE BREAKOUT IMPLICATION : PLUS / MINUS 7'400 POINTS
(CURRENTLY)
UPSIDE : BREAKOUT @ 61'066 (also 78.6 % Fib ret) - Target : 68'466
DOWNSIDE : BREAKOUT @ 57'150 - Target : 49'750
Levels to watch on D1 basis, are the following :
R1 : 58'549 (former high)
R2 : 60'000 (psychological and round number level)
R3 : 61'066
S1 : 56'000 (Cluster MBB & KJ)
S2 : 52'776 ( TS )
S3 : 52'400 (Bottom of the clouds)
Watch H4 for clues
Ironman8848

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