VincentBoudewijn
Long

Weekly falling wedge is nearing completion.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hi traders,

Today I want to share an interesting pattern with you. Looking at the weekly chart a falling wedge has been (near) completion.
Falling wedges are classified as reversal patterns. Please click this link for a reference: http://d.stockcharts.com/school/data/med...

The dip we are going through would be the support test or pullback. The support line of the wedge lines up with the weekly EMA at about 7.8 - 8k.
If completed price could move significantly higher.
Breaking through lower than 7k would invalidate this pattern.

Please keep in mind that this is a scenario and that a invalidation of this pattern is always possible.

Greetings and goodluck,
Vincent
Comment: Here is where my head is at. So a support test of the wedge would be required. If that would play out I think we should be able to get a rocket launch from the 7.4k range.

Comment: Wow it seems we actually bounced of the wedge. Curious to see how this is further going to play out.
how about this?

+1 Reply
Aha, i got some detailed chart along with moves and near term targets, what you think about it?
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one of the few going long, at least your not doing a 50/50 bet without any real idea as so many do
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I think we have some more falling to do...
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Vincent thanks for the update.
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Interesting Vincent. This pullback doesn't look so bad on the weekly chart. Nice pattern pick up.
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