ItisCalvin

The Falling Wedge of Bitcoinmania

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
What a crazy few days of trading we have been having during this time. I am currently in fiat.

There is a falling wedge that I have been following for the past six days and I am amazed that the price has traced neatly inside of it. If the price can break 9030 then it is a sure bullish sign written in the stars. Failure for it to break out with a decent volume then it indicates a fakeout and caution would be warranted for the potential to nosedive or just simply range. This pattern would be confirmed when a day closes outside of the trend.
This is a tall pattern at 23.87% and should perform better than one that is shorter.

StochRSI is really oversold which does give this indicator more validity should a breakout occur. Expecting ~60% of a breakout occurring. Despite that, we could throwback quickly back to the breakout.

Target breakout zone: 8176-7988.
Upward breakout target: 9832 (20.4%)

A wedge has historically not been known to perform as well as many of the other chart patterns but it is still always worth taking a look at.

Good luck and happy trading.
Trade closed: target reached: Buy orders I had in place around ~8100 have been filled. Let's see how the rest of this week plays out.
Comment: Closed outside of the wedge. The downtrend continues it seems. Well, always a good time to bag hold!

Comments

This one will dail as well)
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