DrDovetail

A new longer rising wedge emerges on btcusd

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
there's still a chance this ascending purple line could be the bottom trendline of the rising wedge if so we will know by sunday at the latest. However current price action suggests the rising wedge is a lot longer than originally thought...long enough to carry us to 10788 before a breakdown...with an apex at the horizontal resistance line at 11694...if we were to breakdown around 10788 a 31% drop would send us to the blue horizontal at 7427 and a 41 % drop would take us back to the green horizontal at 6234. Probability right now favors the longer wedge but best to be prepared for either,

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