corn_trader

BTCUSD Ascending Broadening Wedge/Falling Wedge 8.1k-8.6k Bottom

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD Ascending Broadening Wedge / Falling Wedge 8.1k-8.6k Bottom

- Two Alternate Ascending Broadening Wedge Formations Drawn with decline leading into bullish Falling Wedge formation.
- Breakouts downward of ABW at ~10400 or ~9800.
- Per Bulkowski, average decline of Ascending Broadening Wedge is 17%
- Targets ~8640 and ~8140, respectively.
Comment: Ascending Wedge touches marked as 1, 2, 3 on upward slope, and 1, 2, (3a or 3b), and (4a or 4b) on downward slope.

Falling Wedge touches marked as 1, 2, 3, 4, 5.
Comment: Pink 3a and 3b correspond to the downward breakout and buy target in pink.

Purple 4a and 4b correspond to the downward breakout and buy target in purple.
Comment: Date range for this bottom target would be August 1 to August 9.
Trade closed manually: Posted update charts, see profile. Clearly not revisiting 8ks.