Bitcoin (BTCUSD) Falling Wedge (Learning)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Falling Wedge

"The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout."

We want this falling wedge to break to the upside.

If the pattern fails, we are looking at $3650 - $3750 for support.
If the pattern succeeds, we are looking at ~$4500 as our target.

This is an educational post. Thanks a lot for reading.



Comment: We have a successful breakout:

Additional bullish action expected.

Thanks a lot for your support.
Comment: Here is your reversal signal, a high volume Doji:
Comment: Everything going fine as expected:

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please gnt btc chart :D ty love you
+1 Reply
@AliAtes, He who asks, gets what he desires!

AliAtes alanmasters
@alanmasters, Ty you are king
@alanmasters the red candle after your marked candle is the Doji star bearish not what you have marked.
alanmasters MohamedWafik95
@MohamedWafik95, Agreed it is a Doji star (a Doji) but it is bullish.
MohamedWafik95 alanmasters
@alanmasters, I think its bearish not bullish see you in the bottom soon
alanmasters MohamedWafik95
@MohamedWafik95, I meant the candlestick.

A Doji star is bullish if it comes out at the bottom of a trend (in this case the retrace).
update please
3200 believe
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