DrDovetail

2nd 1day candle closes above wedge final cnfirmation of breakout

Long
BITFINEX:BTCUSD   Bitcoin
Good to see on the 1 day chart that we have closed a second 1 day candle above the wedge giving us final confirmation of the breakout. What we are looking at here though is the 4 hour chart not the one day. That confirmation on the one day just solidifies that breakout and greatly increases our probability of hitting the $10335 price target. As of now, at the same time the 1 day candle closed above the wedge(and the green descending trendline), the 4 hour candle has closed a candle back above the ever important 50 MA(buy/sell line). As I've stated in the past, we want 3-5 consecutive 4 hour candle closes above the buy sell line before we can confidently say we are back in a buyers market...but I'm confident we will get that in the coming days. I also find it funny so far that the angle of the dotted purple line from the breakout is naturally creating a bottom trendline on the price action almsot as if the candles are using the dotted purple line as a stairway up to the target price of $10335. The angle is the exact angle of the back of the descending wedge we just broke out of, so it will be interesting to see whether or not it continues to follow that symmetry. Sacred geometry amazes me on a regular basis., I would not be surprised to see the price contionue to follow that angle for awhile. Lastly one thing to nnote the recent 1 day candle closed as a red maribozu candle which isn't really indicitve of a reversal sao I anticipate the bull train continuing...we may consolidate a bit for a few days and possibly even form a bull flag on the day chart, or perhaps one on the 4 hr or both...we will have to wait and see.
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