Mostly for my own notes and learning....feel free to comment with constructive feedback :-)
BTC also in a Rising Wedge formation presently; and seems rather over-bought to me on the 1HR & below time-frames.
If the [probable] coming Bearish move from circa $5204 to Target $5140 doesn't hold, then we could see Target $5041 (if Cypher Pattern plays-out)
Peace.
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Rising Wedge is trying to break Bearish right now...we'll see
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Ok, now that the Rising Wedge has broken Bearish...I'm waiting for 1 or 2 Red 4HR Candles to close below $5160 over the next 24-48 hours.
I'll probably accept two Red (preferably consecutive) 4HR Candles, or possibly just one 4HR Candle with decent Bear Volume, closing below $5160.
If BTC is down at circa $5140 or less relatively quickly, I might wait for a re-test of the underside of $5170 and for any oversold RSIs to cool-off.
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So, the way I see it right now: The 4HR red Candle is literally sitting on the edge of the underside of a MASSIVE Rising-Wedge ($5,160 price area).
Unless we get significant Bullish Candle over the next 24 hours, my Bias is Bearish.
Looks like the Big Bear-Pennant and bigger Rising-Wedge could be nearly 100% confirmed rather soon. Maybe get prepared to Short the crap out of PonziCoin..err.. sorry, Bitcoin :-)
Ok, now that the Rising Wedge has broken Bearish...I'm waiting for 1 or 2 Red 4HR Candles to close below $5160 over the next 24-48 hours.
I'll probably accept two Red (preferably consecutive) 4HR Candles, or possibly just one 4HR Candle with decent Bear Volume, closing below $5160.
If BTC is down at circa $5140 or less relatively quickly, I might wait for a re-test of the underside of $5170 and for any oversold RSIs to cool-off.
FYI: I'll like to Trade very short-term. In & out in 1-5 hours - this might not fit your personal style or plan :-)