LCessa

Long term BTC Pennant + Short term Inverted Cup & Handle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Let me know what you think. I just realized I forgot to define it as an inverted cup and handle . My Bad
Comment: Well, looks like that inverted cup and handle played out, may have more down to come, but theirs some short term patterns to attend to...




Attached you will see a descending wedge larger than the one we encountered a two weeks ago. A pretty bull indicator as you know, you will also see bullish div on the 12 hr chart, (double bottom Stochastic RSI) I would place my bets at it touching the 38.2 Fib level / 7600ish area for a healthy rebound/ first target. Any new long positions would be recommended as soon as it breaks out of the wedge but be weary don't FOMO as the break out will generally test the top of the wedge as a support after broken. Notably, its still totally possible for a larger dip down to test our last bottom 6000ish.
Comment: And short term, as a pose to the other update



a mini hourly descending wedge which is debatably bull to some, but I see bear which may test yesterdays bottom/ bottom of wedge and then retrace upward
Well, looks like that inverted cup and handle played out, may have more down to come, but theirs some short term patterns to attend to...



Attached you will see a descending wedge larger than the one we encountered a two weeks ago. A pretty bull indicator as you know, you will also see bullish div on the 12 hr chart, (double bottom Stochastic RSI) I would place my bets at it touching the 38.2 Fib level / 7600ish area for a healthy rebound/ first target. Any new long positions would be recommended as soon as it breaks out of the wedge but be weary don't FOMO as the break out will generally test the top of the wedge as a support after broken. Notably, its still totally possible for a larger dip down to test our last bottom 6000ish.
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could the crossing of the 50/200ema's death cross drag us down, making us much more bearish? thanks for the vid
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