DrDovetail

1day chart pattern beginning to take shape: Falling Wedge?

BITSTAMP:BTCUSD   Bitcoin
We have finally reached a 31% correction here when we dipped into the upper 9k region...odds are good the 1hr/4hr chart h&s pattern is really a decoy at this point as a 1 day chart falling wedge is starting to take shape more and more as the candles progress and is starting to seem more valid. We have also filled the highest gap on the cme futures contracts on the last correction leaving only the gap at 8.5k left to be filled. There is a slight chance this gap won't be filled but we could also easily throw a daily candle bottom wick down to it briefly and then slingshot back up and still manage to keep the daily candle bodies above the bottom trendline of the 1day wedge. I'll be keeping a close eye on the 4hr and 6hr charts to see if we have a turn back to the downside on them before forming a higher high on those time frames...if we do form a lower high on the 4&6 hr charts then odds of dipping down to fill that gap are still very good however if we form a higher high on either of those 2 time frames probability will then favor that are big correction may be complete and the bullrun is likely to resume. Still no guarantee that this falling wedge is the main pattern here on this move but as of now it is the frontrunner.
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