VincentBoudewijn
Long

HIDDEN falling wedge is forming - Possible breakout

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey everyone,

I hope everyone is doing fine. My last chart didn't work out I thought we were going straight to 10k but instead Bitcoin started the detour.
Nevertheless I still think we are setting up for a breakout right now and we have a few more signs. Today I would like to share them with you.


First of all we are forming a what I think is a 'Bullish Pennant'. (See reference here: https://irp-cdn.multiscreensite.com/c8d4...)



But ofcourse this pattern is not enough to conclude we are breaking out. So I started looking for signs in the RSI:

You can see that the 4hr RSI is forming a Hidden Falling wedge which classifies as a bullish reversal pattern.



Next to that the RSI bounced of the 38-40 range which tells me the bulls are strong. The bears tried to get the price lower last night but they failed. The bears are too weak to bring this down.
For those that do not know: In a bull trend the 4HR RSI rarely falls below the 40 level. This only happens in a extreme selloff (top of a parabola for instance). But usually the 4HR RSI 38-40 range can be used as an indicator to find the bottom.

If it would go lower it is a bearish sign. This is not the case now which tells me the bulls are very much alive and ready for battle.

I think that we are going to come down one more time to the 8.9k - 9.k range as you can see on my screenshot. We're doing this to find our bottom in the wedge .
When the wedge is completed the RSI is completely reset and ready for launch. We will then start our breakout run.



Please keep in mind that this is a scenario. Do your own research! Humans make mistakes.

Greetings and goodluck everyone,
Vincent
Comment: For people entering long positions:

Comment: An idea how the wedge movement could play out:

Comment:

Technically we are breaking out of the wedge right now. It might take some time to go in full effect. Will keep you posted on how this progresses.
Comment:

Yes so far we are doing a classic wedge breakout. First pump, pullback down and then moonshot.
Ethereum is the proof. It went already. Last time ETH was also first with the breakout.

Here check my screenshot on ETH. I think btc is about to follow here guys
Comment: BTC + RSI (Update)

Comment: Yesssssssssssssssss breakout

Comment: Thanks for the kind comments.
Hopefully you made some profit!!:-)
Nice dude!
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Good job mate
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Well done, nice prediction.
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Hi What’s next please?
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proficy RAB2018
@RAB2018, retest previous resistance at 9500, break 9900, test 10500, retest 9900, break 10500, test 11300 and possible top
Reply
I targeted 9750 levels 5 days ago in my first TA here.. check it out :
Please follow if you would like more! I was 100% right though my h&s wasnt perfect, but got the breakout at the right shoulders ;)
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Yessssss breakout... and now? Sounds like you have already taken your profits, so what's next?
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Cant be correct everytime, but both this and the short squeeze u made earlier on were really spot on. Good job!
Reply
So what's next? :)
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.....man you called that one. Holy moly.
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