weslad

Bitcoin RISING WEDGE against BULL Flag

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey guys Bitcoin presently surroundings with lots of speculations both fundamentally and Technically.

There is no doubt about it we have huge BULL FLAG forming presently that got lots of people talking. Where as there is still another setup forming inside this BULL FLAG in the form of RISING WEDGE .

Well this analysis stands to make things clear, even if the wedge happen to win this battle that does not make the BULL Flag pattern invalid but even making it to look stronger.

If price goes in the direction of the rising wedge which has already broke down will lead the price down to our target in the range of 3400$-3500$ which equivalent to 78.6% fib level of the previous impulsive upside move.

Moreover, if price decided to shut down the wedge and breakthrough the important resistance level at 3990$ then this will signal the long waited Bullish move with immediate target at 4800$-5000$.

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Trade active:
Trade active: Trade continue, we had first leg down and the possibilities for more dumping is still very high.

Trade active: The whole market setup still look to go down, we must focus with this with care. If 3800 break we may see sharp market drop to complete the last leg of wave iii before rising back up for retracement.

Trade active: Hi guys

As we can see Bullish sentiment has spread all over the market which gave me some possible feeling for little dump before major move commence.

From my chart I spotted 3 different BULLISH setups
Bullish Crab
Bullish BAT
Inverse Head and Shoulder.

With all these above setup at least we should see big rise in BTC.

Bullish Crab formation is completed with almost all its target been achieved, this give good chance for upside moves.

Trading Plan:
Do not FOMO unless BTC break the yellow resistance(3888$) , if this happen we can enter trade with a pullback.

OR

If market tends to drop we can start to ladder down our Long trades from 3685$ down to 3385$ with stop loss targeting at 3100$.

Overall target is huge at least 4800$-5400$

Trade active:
Trade active
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nice review, thanks for sharing.
a view from another angle - up to 40% upside soon.
this is H4 price chart.
Reply
weslad niceryders
@niceryders, thanks for sharing with us
Reply
elchanin elchanin
@elchanin, Hi! AB = CD, where the point D = $ 3660 (level 0.618), and the point C = $ 4580.9 (level 1.272). This pattern is harmoniously accompanied by a descending wedge
Reply
weslad elchanin
@elchanin, thanks for sharing with us
+1 Reply
many people have set their stop loss at 3700
if we touch it, it will trigger a big drop
and if my name would be Bart, I would add a nice bear trap for new bottom
Reply
Here is my analysis on Bitcoin right now. I got price targets much much lower although a test of the bottom of the channel at $3,100 retesting the 2018 lows. once that breaks look out below. click the chart


Reply
weslad cryptogavin71
@cryptogavin71, thanks for sharing with us
Reply
that's not a leg down, that was just a finger, wait for it
Reply
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