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RSI-Guy
Aug 27, 2018 9:20 AM

Reaching breakout: Bearish Ascending Wedge v Bull continuation? Short

Bitcoin / DollarBitfinex

Description

Hi guys,

BTC is edging closer to the crossroads point, around $6,800.

Ascending wedge pattern is typically a bearish continuation signal but we could see bulls reject this and push beyond the first resistance channel.

If bulls achieve this, we could expect a throwback to the resistance, where BTC should then find support to continue uptrend (white line).

If bears win the battle, the ascending wedge pattern will also complete a bearish h&S pattern. Expect a rapid decline to the $6,000 / 5,800 support area below, before correcting.
Comments
RSI-Guy
Boom, go bulls!
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