BITCOIN Decision time for the Rising Wedge

The talk of the day is indeed the Coinbase IPO but technically this Rising Wedge pattern requires our attention. As you see this formation is holding perfectly since the February 21 High and today hit the outside of its Higher Highs Zone (red). We are now at a point where, as the title suggests, the pattern will make its decision, i.e. break either upwards or downwards.

It is then useful to check how similar patterns have played out, going back a year ago:





As you see the results are even (even though May 2020 could be considered as sideways break-out). On November 2020 the Rising Wedge broke upwards and the uptrend topped at +23%. On August 2020 it broke downwards bottoming at -21%. On May 2020 the drop from its High was -15%, even though essentially that is a sideways break-out. And finally on April 2020 it broke to the upside scoring a massive +49% rise.

In my opinion there are fairly more chances to see an break to the upside and Coinbase's timing is perfect as it may work as the catalyst. Until the Rising Wedge breaks, the RSI shows where you can buy and sell with a fair degree of certainty within the pattern.

So which way do you think it will break towards? Feel free to share your work and let me know in the comments section!



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