DrDovetail

btc now inside an ascending broadening wedge.

BITFINEX:BTCUSD   Bitcoin
The rising wedge it appeared we had broken down from simply morphed into an ascending broadening wedge which also tends to break downward. We are currently near the top trendline of that wedge and with the other resistance lines teaming up with that wedge line of the 4hr 200ma (in blue) and the top trendline of the descending channel odds are good the price will be heading back downward to retest at least the 4hr t-line(in yellow) or also likely it could go back down and test the bottom trendline of the ascending broadening wedge. I was hopeful that when we turned things around before reaching a lower low that we had formed a higher low on the 4hr chart which would be a very positive sign, but once it became clear that we were still just consolidating inside an ascending broadening wedge pattern that higher low is really just considered inside bar consolidation and not a higher low after all. For now, even though ascending broadening wedges tend to break downward, I'm flipping my stance to neutral because all it will take to break upward is some sort of mega bullish news from the Consensys meeting currently underway. . .and we've already heard that Microsoft plans on using the lightning network.
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