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BTCUSD Inception day 16-4-2020, Immediate term forecast.

Long
BITSTAMP:BTCUSD   Bitcoin
Greetings fellow traders,

As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...

More visible, more probable:
  • Dashed lines; Possible forming patterns
  • Solid lines; Confirmed patterns / Support or Resistance
  • Dotted lines; Possible price-action trajectories / wave trend
  • Lighten colors = Support | Darken colors = Resistance

    Current Pattern Formation Level:
  • Alpha pattern: Symmetrical Triangle -> Bullish Pennant
  • Beta pattern: Descending Broadening Wedge

Today's Note:
Looking like a descending broadening wedge is emerging. Once resistance is confirmed if price gets rejected here. We might get a retest of some support first, before breaking out to the upside. Breaking out to the upside is still has a higher a probability. However, we need to see candles closing above the resistance. Overall it is a bullish pattern, but don't forget this is a short term pattern formation.

To be concluded...


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