Bitcoin - Breaking Broadening Wedge Structure (BULLISH)
This is a weekly view on Bitcoin
I drew what I believe is a broadening wedge pattern which I believe is in the midst of breaking to the upside
One of the keys to this pattern is that the upper downward sloping trendline has been drawn at the BODIES of the candles, not the wicks
If you look left you will see 2 red circles showing where we wicked above the downward trend line, but never closed above
Sunday's close resulted in the body of weekly candle closing ABOVE this trendline; this marks a bullish break in structure of this pattern and may result in a move up
It wouldn't surprise me to see us wick down and touch this downward trend line this week ($9.2-9.5K is fair game). However, I expect we may ultimately begin a major push up past $10.5K towards $14K
I drew what I believe is a broadening wedge pattern which I believe is in the midst of breaking to the upside
One of the keys to this pattern is that the upper downward sloping trendline has been drawn at the BODIES of the candles, not the wicks
If you look left you will see 2 red circles showing where we wicked above the downward trend line, but never closed above
Sunday's close resulted in the body of weekly candle closing ABOVE this trendline; this marks a bullish break in structure of this pattern and may result in a move up
It wouldn't surprise me to see us wick down and touch this downward trend line this week ($9.2-9.5K is fair game). However, I expect we may ultimately begin a major push up past $10.5K towards $14K
Comment:
Clear break!!!
Comment:
We have been consolidating above our downward trend line and our RSI has broken downward resistance.
Very bullish!
We have been consolidating above our downward trend line and our RSI has broken downward resistance.
Very bullish!
Comment:
Clear consolidation prior to a break out
Clear consolidation prior to a break out
Comment:
Dear lord my crypto minions! I have been shouting from the roof top on twitter for nearly 6 weeks concerning the Bitcoin consolidation and pending breakout.
Look at this consolidation!!! Do you see?!?
I am fully expecting a break up between Aug-Sep
Alts will have LARGE movements as well!
Dear lord my crypto minions! I have been shouting from the roof top on twitter for nearly 6 weeks concerning the Bitcoin consolidation and pending breakout.
Look at this consolidation!!! Do you see?!?
I am fully expecting a break up between Aug-Sep
Alts will have LARGE movements as well!