edider
Short

Rising Wedge on Short Term

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello all!

I can see a rising wedge starting from March 16 after the big dump on March 12-13. So we can predict a dump again at the end of the rising wedge to the area I draw between 5600 and 5100.

Please be aware that it's just a TA, not investment advice.

Wish you the best!

PS: I hope you are healthy and safe at your home. Stay strong, we are together in this!
Comment: Going above 7200 and closing daily candle will invalidate this idea.

Comments

looks more like an ascending triangle.
+1 Reply
edider DrDovetail
@DrDovetail, The top gets higher every time but not much. So we will see what happens next.
+1 Reply
dacto DrDovetail
@DrDovetail, yes it does, but ascending triangles generally take place on an upside trend.
Reply
@dacto, true but I've also seen them quite frequently at the end of bear flags that end up signaling a trend reversal to the upside...much like descending triangles on bull flags often signal a trend change to the downside.
Reply
dacto DrDovetail
@DrDovetail, that is a good point thanks for mentioning. lets see the breakout...
Reply
Excellent
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Target set to hit above 7123usd in coming hours
Reply
I see an ascending triangle short term should hit 7600 then short back down what are your thoughts?
Reply
good job
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I have the same direction as you have! Nice chart by the way!
Here is one of my ideas for BTC:
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