BTC falling wedge target 10k

Btc seems to be making a huge falling wedge that has inside 2 more falling wedges, and it will possible form a 3rd one.

We are currently at 2nd falling wedge with target of $7090 and very likely $7700/$7800 then down again to go to$4900/$5200 bottom of the Huge falling wedge formed since January

There is also a consistence of dates and the amount of time for uptrend about 27 days

Regarding current situation we can expect 2 scenarios

1) pum $ 6440 lvl (downtrend resistance of current small falling wedge) back down to about 5950 then up to target 7090 and 7700/7800

2) Or direct breakout of the structure to $ 6.800

looking at indicators i believe scenario one more likely, also most of the falling wedges breakout after a double bottom and we have only made one at $5800

I marked the number of touches of the price hitting the downtrend line of the wedge and they usually fail to breakout 3 times and this pump to 6400 should be the 3rd try.

also notice there was a daily bullish divergence at first wedge just like the one we have now

If this idea gets invalidated i will update.

Comment:

Timing your entries, as we see current cycle for this year it's been about 30 days to go down before good rebound and 27 days to go up before a correction, this time we've been in a downtrend for 54 days, is it a good time to buy?, trading is about probabilities, we risk our money when have bigger chance to win. Probabilities are on the bull side now, why? Because the longer we go down the chance to go up increases. we also just made a new low for 2018 on btc $5780, every time new low was made we had a new bull cycle, remember that whales have hundreds of millions and need high sell volume to load their pockets, but if volume not to high then they will need more days to compensate that low volume and fill up their pockets (accumulation period). There are also much more technical aspect that support a trend change coming soon. I expect first 15 to 20 days of July to be green. So it worth to take the risk and use some % of your capital yo buy btc or even better altcoins. If something goes wrong and price goes down to our last support about $5.000 then you have more capital to rebuy and average your cost.. It just won't go down forever, new SHORT TERM bull cycle is coming on July. For more detailed analysis check charts

THIS CHART is a very probable scenario that we keep and eye on if it gets invalidated.

Comment:

wedge is getting narrow, price is making double bottom as expected, currently at very strong support zone with bullish divergences at many times frames, not recommended to sell or short the market now, i expect strong bounce from these levels. But if and wrong you always have a plan B, i use capital management and my entry point was around 5800$ in the previous dip, i won't buy more now, i still keep fiat to load more at next support level at around 5K, which i don't really expect to see it before going up at least to 6800 lvl

Comment:

Still active, waiting for retracement to at least 6150/6250 to continue move up $6800

Comment:

Btc retracement went to 6275, close to the area i posted in last update, its hard to determine an exact value, that's why i recomended entering the market at 5800 and 5950 just wait with patience until at least $6800,

Comment:

for more updates see new post, price will drop from 6800 to 6285, drop will start july 6 or 7

Trade closed: target reached:

Trade closed: target reached

Order cancelled

Trade closed manually