MonkeyTest

Bitcoin: Rising Wedge? Reversal pattern showing up

Short
POLONIEX:BTCUSDT   Bitcoin / Tether USD
Rising Wedge seems to be forming.
Potential entry point below support, stop-loss above resistance.
Target at major resistance level , around 11500

What's your opinion about it?
Your comments are welcome!
Comment: Update:
Support and resistance levels are holding..
MACD divengence is still present, but next MACD crossover could be delayed due to bulls pushing harder than before

We'll see if resistance level will hold again
Breakout time could be approaching.. will it be below support or above resistance?

Comment: Broken resistance level: bearish pattern now looks to be turning to bullish

It could be interesting to wait for a pullback to the broken resistance before entering a LONG order around 19000.
Stop loss around 17000 should fit

Comment: It looks like a pullback has indeed happened..
Previous resistance level turned into support level, which is now holding.
RSI shows room for growth, while bearish pressure could be weakening, according to DMI.

Let's see if price breaks through 19000 level

Comment: Triggered LONG entry order at 19000 level, once bounced from new support level

Trade active

Comments

MonkeyTest UnknownUnicorn1793089
@UnknownUnicorn1793089, Interesting point..
Reply
nope... 21500
Reply
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