monkeyfondoodle

Rising wedge formation in overextended BTCUSD chart?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
With the RSI overextended at 76 and stochastic indicator topping out, I thought it prudent to be on the lookout for bearish formations that could lead to a reversal of the bull trend. Bullish exuberance is on a high and in a 14 month bear market that in itself is a contrarian indicator. There are several touch points in this steep rising wedge , the target $3300-$3400 if it plays out. Upside is still likely in the short term however.