DrDovetail

Potential 4hr chart falling wedge confluence w/ h&s drop target

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The current price action is starting to form a potential falling wedge on the 4hr chart...interestingly enough the apex of that potential falling wedge is at the exact same point as the drop target from the 4 hour chart head and shoulders pattern we recently broke down from. I find that confluence very interesting and something that gives more credence to this four hour wedge being legitimate. However with such a big support line as the weekly 200ma just below I'm not gonna be trying to do any limit sells or even shorts here because that support could easily bust us up out of this pattern logn before it reaches the wedge apex/h&s drop target. For this reason this idea will be left neutral.
Comment: the 4 hour chart candle closed as a green candle which took away the validity of the wedge.Bothe the stochrsi and macd seemed to signal that they were goin up so to be safe my limit sell was only an insignificant .5 % of my position. Sure enough we have had an inverted bart back upwards. I haven't bothered to buy market buy back in because it was such an insignificant amount that sold in the first place. I may do so soon enough during this bear wick down.
Comment: the price action has currently found resistance at the 4 hour charts 50 simple moving average.
BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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how is your short doing?
+1 Reply
DrDovetail azuolas
@azuolas, not bad I didn't short I simply sold may .5% of my position I limit sold it to right at the top trendline of the wedge. I thought about buying back in once we closed this candle green thereby invalidating the wedge, but realized it was such a small insignificant amount I had sold that I just went to sleep instead.
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Boon2 azuolas
@azuolas, How's your idea doing?

O that's right you don't have any! LOL
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azuolas Boon2
@Boon2, long moon soon epic one
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not
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