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DCFreak
Mar 18, 2018 7:12 AM

Bitcoin - Bullish Falling Wedge - 10800$ Target Long

Bitcoin / DollarBitfinex

Description

Hello,

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

Comment

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? ^^

Comment

Bearish Div. watch out

Comment

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.


Comment

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.
Comments
DCFreak
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
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
@MrRenev, the target is accounted for from the breakout point, not from the bottom of the wedge.
elshanti
This is what happend last time ! “of course it does not mean will happen again” just something to consider !
DCFreak
@elshanti, Yup definitely a good point.

But statistically speaking breaking upwards % is higher than downwards + its essential to only buy upon confirmation, so breakout + candle closure.

I will make sure to send an update stressing on that again.
anon541
@DCFreak, Which candle closure? Daily? 4h?
DCFreak
@crypto_teller, usually 4hr candle, but if you see a huge buying momentum then 1hr can be sufficient. ofc after buying you need a stop loss.
anon541
@DCFreak, Thanks bud!
ronoski

Hi DC, you think these bull div is valid?
DCFreak
@ronoski, Nice catch ronoski!

Ofc they are valid, any lower low in price but higher low in indicator is a bullish div.
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