DrDovetail

A Rising Wedge Appears; A&E Dbl Bttm Continuing to Fill Out

Long
BITFINEX:BTCUSD   Bitcoin
We now have 2 consecutive weekly candle closes above the falling wedge which should trigger its breakout shortly. We can see the 4hr adam and eve double bottom pattern is still filling itself out rather nicely as well...both very bullish signs....however we can also now see that a potential rising wedge (in grey) is starting to take shape on the 4hr chart as well which if confirmed will eventually lead to a bearish breakdown...we also have 2 gaps that haven't been filled on the CME futures charts yet: 1 at 8.8k and one at 11.8k. My thought is that we will likely fill the 11.8k one first as we confirm the breakout of the falling wedge, the adam and eve double bottom and climb our way up the grey falling wedge...for the sake of continuing the bull market we need to continue up anyways to at least 12.4k before reversing the trend back downwards that way we can break the lower high/lower low pattern with a daily higher high. We also currently have 8 consecutive closes above the 1 day 50ma(aka buy/sell line) right now too which puts us in a buyers market and adds yet another bullish signal in the short term. We can also see some bullish confluence with the apex of the rising wedge and the 12.8k breakout target of the falling wedge. my guess is 12.4k-> 8.7-8.8k -> 13.9k ->11-12k ->19.9k -> 14k -> new ATH. That's all just speculation though and will likely pan out much differently. Lastly I wanna give credit to TV mainstay Sarged for 1st spotting the rising wedge...he's usually pretty on point at spotting wedges. Thanks for reading and good luck *not financial advice*
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