DrDovetail

Bulls trying their best 2 prevent the approaching 4hr deathcross

Long
DrDovetail Updated   
COINBASE:BTCUSD   Bitcoin
The bull flag definitely seems like it wants to trigger a bullish breakout here. Of course being still in the last 10 minutes of the 1 day candle anything can happen and we must remain patient and balanced until we get a better idea upon the daily candle close...we also need to keep a close eye on the top trendline of the broadening wedge's resistance(in red), and the 11113.83 horizontal trendline(in white)...I expected at least a wick above the white horizontal if we breakout but the horizontal may potentially maintain its resistance for candle close...if not the next resistance will be the 11271 horizontal (red) above that, and just above that 11585 descending green trendline which is currently the biggest resistance to overcome...it's the one thats maintained resistance this whole correction. . .still waiting to see where the current candle closes the daily at but looks good for a breakout currently..anything could change in the last 10 minutes though. Even if we do breakout though it may not be enough to prevent the 4hr deathcross from happening...however if we dont immediately nosedive after the cross then the cross will likely be a fakeout and shortlived. So very important here to see how price action reactts to any kind of deathcross...as long as price stays above both the 200(in blue) and the 50ma(in orange) i should result in a fakoeut. If not it will resume dumping.
Comment:
last thing to touch on here is the purple rising wedge. Both it and the red ascending broadening wedge are currently in play and the price action is currently above the rising wedge and may just break bullishly out of it...then again we don' know yet whether or not which(if either) are the more valid pattern. This would not be the 1st rising wedge to break up this bull run if it is valid...this would make our 3rd rising wedge we have broken up from this bull run if so...so yeah it does happen.
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