Bearish wedge BITCOIN - we have to go lower before taking off!
Bonjour à tous,
Ascending wedge pattern spotted in Bitcoin!
- I just posted the same idea as this one, but the drawing was a little bit, eh childish. The drawings have now been replaced by professional rectangles! Beware, it is super professional.
Here I demonstrate two targets that comply with a bearish scenario, however one is more bear-like than the other. My conclusion is drawn by this as I am not convinced that BTC 1.11% will pick up momentum from the current level, yet. I figure, we will go down a little further...
Analysis:
Target 1 is the first target where we will go after we break out of the ascending wedge towards the 6000 USD level. The 6000 level might stop us here for a bit OR even reverse, as here was previous support found. Possibly, prices could go up from here as it would form a nice double bottom. However, should prices consolidate here, an even lower low could be possible.
That would take us to target 2! Which would be the target of the bearish flag pole around 4800 - 5000 USD. Around the 5000 level is a previous resistance found from late August 2017, which would now act as a strong support level. Moreover, this level is also roughly a .786 Fibonacci retracement from the ATH 0.21% back in December. Should we manage to reach that level, I expect high volume buying orders from the big stacks of money awaiting to get BTC 1.11% for cheap! Cha-ching
Please wait for any confirmation on the price action patterns before entering any trade. That'd be wise.
Good luck with your trades, and have a great day!
Maurits
Ascending wedge pattern spotted in Bitcoin!
- I just posted the same idea as this one, but the drawing was a little bit, eh childish. The drawings have now been replaced by professional rectangles! Beware, it is super professional.
Here I demonstrate two targets that comply with a bearish scenario, however one is more bear-like than the other. My conclusion is drawn by this as I am not convinced that BTC 1.11% will pick up momentum from the current level, yet. I figure, we will go down a little further...
Analysis:
Target 1 is the first target where we will go after we break out of the ascending wedge towards the 6000 USD level. The 6000 level might stop us here for a bit OR even reverse, as here was previous support found. Possibly, prices could go up from here as it would form a nice double bottom. However, should prices consolidate here, an even lower low could be possible.
That would take us to target 2! Which would be the target of the bearish flag pole around 4800 - 5000 USD. Around the 5000 level is a previous resistance found from late August 2017, which would now act as a strong support level. Moreover, this level is also roughly a .786 Fibonacci retracement from the ATH 0.21% back in December. Should we manage to reach that level, I expect high volume buying orders from the big stacks of money awaiting to get BTC 1.11% for cheap! Cha-ching
Please wait for any confirmation on the price action patterns before entering any trade. That'd be wise.
Good luck with your trades, and have a great day!
Maurits