BTC has formed both an ascending triangle within the ascending wedge. Ascending wedge being bearish while ascending triangle is a bullish pattern.
So, the question remains are we bullish or bearish? Which one will prevail? I am about 60% bear and 40% bull at this stage simply because we have been hugging the wedge support for the past 12 or so hours.
If we break upward, we can expect a short squeeze, as there is quite a few stop losses set around 9200 - 9300 for short positions. If this happens, BTC might go up to 10500 mark.
If we break to the downward, we can expect BTC to correct to around the 8-8.5k price level. More data needed from there.
So, the question remains are we bullish or bearish? Which one will prevail? I am about 60% bear and 40% bull at this stage simply because we have been hugging the wedge support for the past 12 or so hours.
If we break upward, we can expect a short squeeze, as there is quite a few stop losses set around 9200 - 9300 for short positions. If this happens, BTC might go up to 10500 mark.
If we break to the downward, we can expect BTC to correct to around the 8-8.5k price level. More data needed from there.
Comment:
Bulls are victorious - breaking upward from the ascending triangle, however, we have just been rejected from the ascending wedge resistance, we may test the wedge support before loading up again for another bull attack.
Comment:
Testing the top of the ascending wedge once again
Comment:
Bulls broke free from the ascending wedge momentarily but couldnt hold out, we are now back in the wedge and have tested support once. As you can see I have adjusted my H&S pattern, as we approach the end of the wedge, bulls look to have run out of steam after the false breakout, meaning we might see this correction break down from the wedge and start the head pattern.
