DrDovetail

Nearing the end of descending wedge on the daily chart

BITFINEX:BTCUSD   Bitcoin
So far price action on the 1 day chart has been adhering to this descending wedge I've illustrated here with red trendlines. Descending wedges tend to break upward when they reach their end....if this one were to do just that it could have an upward target of as high as 10500.....this would play in beautifully with where the adam and eve double bottom would need to reach to become validated and the combination of the 2 could potentially see us have a very bullish 2nd quarter of the year, for now I will list this idea as neutral even though I'm bullish in the long term just because you should always wait for the breakout to confirm such patterns....but I'm definitely leaning towards the bullish side of neutral. Things to keep an eye on are big surges in multiple alt coins as a precursor that some whales are anticipating a blast off of btc...that can often be a good heads up that things are going to be climbing. Another coin seeming ready to bust out of a big descending wedge is NEO so keep a close eye on neo and maybe grab some up if you are able to. Definitely wait for a breakout/confirmation of volume or multiple candle closes to be sure though.
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