Hello all. Looking at Bitcoin on the 4 hourly timeframe, we see that not only BTCUSD managed to stay inside the falling wedge pattern and above the 30k price, but also has formed an ascending triangle pattern on the 4 hourly chart.
Ascending triangles are a bullish formation and forecast an upside breakout. However, they can also break bearish out of the pattern.
Speaking of which, the target for an upside breakout with 20% move up sits at around $37,000, and the target for a breakout with a 20% move down sits at around $23,500 (support area).
Fib golden pocket sits at approximately $34,400-$39,900 and that is where i personally think the price will go (plus or minus).
The same ascending triangle can be drawn on the hourly chart and to wait for an hourly candle breakout above or below either the support or the resistance of the pattern.
Attached below is the detailed chart for the falling wedge pattern and also all major support and resistance points to keep an eye for.
Thanks for reading, and stay tuned. Enjoy.
Ascending triangles are a bullish formation and forecast an upside breakout. However, they can also break bearish out of the pattern.
Speaking of which, the target for an upside breakout with 20% move up sits at around $37,000, and the target for a breakout with a 20% move down sits at around $23,500 (support area).
Fib golden pocket sits at approximately $34,400-$39,900 and that is where i personally think the price will go (plus or minus).
The same ascending triangle can be drawn on the hourly chart and to wait for an hourly candle breakout above or below either the support or the resistance of the pattern.
Attached below is the detailed chart for the falling wedge pattern and also all major support and resistance points to keep an eye for.
Thanks for reading, and stay tuned. Enjoy.
