Wolfy_
Long

BTC/USD - descending broadening wedge could push us above 10k

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC /USD is in a descending broadening wedge on the weekly and on the last count of the move.
This formation breaks out to the upside in about 80% of cases.
Wait for a weekly close above the formation if you want to play it safe or you might end up buying the top in case this setup is one of the 20% that fail.
If you do enter now remember to keep a proper stop loss in place in case it doesn't work out.

Plain and simple chart pattern so I left out unnecessary indicators.

Good luck and let me know what you think!

Comments

hi bro,u have wrong wave count -_-
anyway share my idea with u
Reply
Wolfy_ trytofeelpositive
@trytofeelpositive, It looks like you comment that on several charts that use some form of EW and don't have it drawn exactly like you.
Remember that this is a weekly chart and yours is a 1hr chart.
What you're probably referring to is that I used 12345 instead of ABCDE but to be honest I usually don't use EW and don't care much about it.
The point of a chart is to get its point across, preferably quick and easy.
Descending broadening wedges usually break out after the fifth move and that is all that matters in this example.
Best of returns to you mate!
Reply
I had a similar idea two weeks ago. Take a look.
Reply
Wolfy_ Sisif_trader
@Sisif_trader, Great analysis! Fully agree with you, appreciate the input mate I'm gonna leave a follow.
Reply
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