DrDovetail

3&4hr chart invh&s & fallingwedge nullified. zooming out to 1day

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
after the 3hr50ma refused to submit to the bulls at the invh&s neckline thee bears dumped it below the head and nullfiied the 4hr falling wedge at the same time. This is a great example of why selling at a neckline in a correction phase like this can be a very very smart move if you set a smart stoploss buy-in a few pips above the neckline. Since the smaller time frame patterns were getting nullified it was time to zoom out and take another look at the daily chart which we can see a nice falling wedge forming on as well with a strong horizontal support at 8504. That is of course a good sign for the bulls but we must also remember we are under the double tops neckline and have already closed 1 candle below it this could be the confirmation candle for it and if the double top is triggered that drop target is just under 6k! While not impossible I think he 8504 zone will likely be enough of a strong support zone to keep things a float and once the 3 day golden cross solidifies and sustains itself the correction should be finished up and ready to resume bullmode. For now the battle is 1 day falling wedge vs. 1day doubletop
Great wedge buddy.!
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