Its been a while since I have done an update. As in the chart, we can see a falling wedge, these tend to break upwards, the technical target is around 10800$.
This pattern/Idea is only valid upon breaking out. So I wouldn't recommend buying in right away. Instead, wait for the breakout and candle closure above the resistance line for confirmation.
~DCFreak
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So here is the overall picture:
We got the log scale resistance/downtrend line We also have the falling wedge pattern with a target of 10.8k$ We also got an oversold Stoch RSI on the daily frame... so a rise? [kinda supports breaking up from the pattern]
10.8k$ is exactly the point where the price would reach the log downtrend line without breaking through it .... just coincidence or means something? ^^
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Bearish Div. watch out
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Spinning top Also, MACD failed to cross up, if it doesn't cross up within a couple of days then that would mean back to downtrend.
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As I told the tele followers, stay in BTC not LTC/ETH.... now you can see that BTC is going up much higher than ETH/LTC. This is a bullish sign.
I can't stress enough how important its to wait for confirmation in this pattern because a breakdown will take us to 6k and possibly 4.2k.
MrRenev
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The log downtrend isn't at 10800 now, and it will be even lower by the time we reach it:
I got a ~9000$ target myself, going to test the 2017 uptrend support (now resistance) and reject it imo, but we'll see. The technical target of the wedge I'm seing is +1500$ on breakout:
DCFreak
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@MrRenev, the target is accounted for from the breakout point, not from the bottom of the wedge.
elshanti
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This is what happend last time ! “of course it does not mean will happen again” just something to consider !