Penny_Gold

Falling Wedge Pattern over the 1 day time frame

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Main Findings:
- Post and flag pattern identified over a long term time. The post is shown in the previous exponential rise in price and the flag represents to most recent price action after reaching all time highs.
- Flag pattern is converging into a falling wedge as price is creating lower highs and higher lows.
- Based on falling wedge price is likely to breakout around the end of Jan in a bullish direction in the long term.
- Confirmation of breakout would be when the price breaks out above 10 day EMA .
- Most key recent support level at 33k.
- This analysis does not account for any negative news that could cause the price to breakout in a bearish direction.