BTC 15m chart - Expanding broadening wedge
The diamond top in my previous idea followed the green channel down perfectly. Interestingly, the final target of 9160 was only reached after a break out and retest of the channel as support.
The bounce off the channel support took price straight up to the channel breakout target of 9470 after confirmed bullish divergence on the edge of oversold.
This sequence of moves has now formed a large expanding broadening wedge (in pink). A breakout of this wedge would give us a target of 9900. A small bull flag is currently forming which will take us to the top of the wedge. The flagpole target will give us roughly the same target around 9900. If this move plays out, keep an eye on divergences to see if a double top with the previous high will manifest. No bearish divergence at this point would suggest a continued move up and a successful breakout of the large bull pennant in blue. This has a target of around 10500.
The bounce off the channel support took price straight up to the channel breakout target of 9470 after confirmed bullish divergence on the edge of oversold.
This sequence of moves has now formed a large expanding broadening wedge (in pink). A breakout of this wedge would give us a target of 9900. A small bull flag is currently forming which will take us to the top of the wedge. The flagpole target will give us roughly the same target around 9900. If this move plays out, keep an eye on divergences to see if a double top with the previous high will manifest. No bearish divergence at this point would suggest a continued move up and a successful breakout of the large bull pennant in blue. This has a target of around 10500.
Comment:
Nice little bull flag fake-out-break-down. Back in the flag.
Comment:
We have hit the expanding wedge support and looking to form a double bottom on it. Divergence on the 15minute. Go early or wait for confirmation with a breakout of the now falling wedge, or safer still wait for a higher high to be confirmed.
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If breakout , first target 9450, second 9550.
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Detest resistance at 9420-9440
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After breakout it may return to test the falling wedge line as support and form a lower low for a momentum retest on the hourly. If no divergence on rsi, Place stop loss under the support line.
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Watch for the falling wedge retest on the nice round number 9000 support.
Check 1hr divergence
Check 1hr divergence
Comment:
Successful retest of falling wegde breakout and strong move off the 9000 area and bottom of the larger trading range.
First target is 9460 as the descending wedge target. If we get a 4hr close outside the channel we are currently testing (around 9300) then we should go to 9600.
9750 final target and top of the broadening wegde
First target is 9460 as the descending wedge target. If we get a 4hr close outside the channel we are currently testing (around 9300) then we should go to 9600.
9750 final target and top of the broadening wegde
Comment:
Bought at 9070 - sold at 9400 - too much resistance through the 9400-9500 area. Top of Expanding Wege still a valid target
Comment:
Bloody hell..this latest dump hit the extension of this broadening wedge. If we go back to the top, we target 11550+. Eq around 9330.