MarceloTorres
Long

BTC(4H): falling wedge coming to pump the bit?

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hi there!

Is been some time since I last posted here, sorry for that! I was having some technical issues but now I'm up and running again.

And coming back, I'd like to present you the 4H BTC graph that shows a long term symmetrical triangle and a short term falling wedge within the triangle. Both have an upside implication, but we will figure out soon if the falling wedge will take the upside direction once it has a very few room to develop down-sided movement. In case it has a upper breakout we could see the price go up to 10800, a 6%+ gain which will coincide with a resistence zone at this same level, but which is still about 2% under the downtrend line of the mentioned triangle.

If you take a look at the MACDH, you will notice a uptrend line under the histogram and in contrast you'll see a downtrend line under the prices, which means a positive divergence that reinforces the wedge upper breakout once the MACDH lows are relatively deep.

And in order to monitor this potential wedge upper breakout, keep your eyes on the stocastic downtrend line breakout as well, once this indicator will give you some strong hint about the price next movement.

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Good trades!
Marcelo Torres
www. MoneyWise. com. br


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Trade active: As expected, prices pushed up to the downtrend line, but still not breaking either it nor the stochastic downtrend line. Looks like the trade night will be hard ....
Trade active: Despite the apparent price breakout from the wedge downtrend line and the stochastic lines breakout from its downtrend line, note that the volume did not stand out and it even declined, suggesting a false break. It’s still possible to see prices falling back into the wedge and leaving a large upper shadow. All this forecasted price move can be discarded if prices and volume increase significantly.
Trade active: As mentioned, the prices are moving up with positive volume pressure and the next resistence level is 10335, this is a tough one. Lets see how it will go.

PLEASE (can someone teach me how to add an image in my comments, it would be way nicer if I could share with you an updated graph of what I see without having to create a new post. Thanks!)
Trade closed manually: Check my next post for more technical analysis for this coin.
MoneyWise | Marcelo Torres
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