reza_tayebi

Bitcoin`s Rising Wedge

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin`s price action in last 16 days has created a rising wedge .

If you`re holding Bitcoin : I suggest keep it until we`re in rising wedge .
If you`re in altcoins : I suggest keep them until we`re in rising wedge .
If you`re in cash, tether and want to get Bitcoin : Buy when price is on lower edge, keep a tight "Stop Loss".

For price to move higher in rising wedge , there are two major resistance levels :
8431
8616

If Bitcoin falls from rising wedge , there are two major support levels :
7767
7318

Usually rising wedges end in a drop. However whether that drops ends in a minor correction or a major one, depends on a lot factors, one of most important ones, the power of drop`s volume . Depending on how powerful drop`s volume be, it will signal to market whether a minor or major correction is coming.

I will update this post based on evidence.
Comment:
First resistance line broken. As discussed before,
there`s no point in selling Bitcoin while it`s in the rising wedge.
Comment:
Bitcoin broke 8616 resistance level. The longer it stays above it, the higher chance previous resistance turn to a support.

Bitcoin is still well above lower edge of rising wedge, so I still don't see a reason to sell.
Next major resistance is 9260.
Comment: After a big sell volume, Bitcoin bounced from first support level.
We might come back to re test the support level or drop to next support level, 8431.
Please note we`re still in the rising wedge.
Comment: In case Bitcoin breaks 9000 and goes higher,
I recommend taking profit on major resistance
level (daily resistance level) of 9200 - 9300.
Comment: Bitcoin is still in an uptrend getting support by the shown blue trend line.
There are two resistance lines, 9038 and 9260. If 9038 breaks to upward,
there`s high chance Bitcoin will have a correction after reaching major daily
resistance of 9200 - 9300 area.

Bitcoin owners : If 9038 resistance breaks upward, take some profit on
9200 - 9300 because there`s high chance of correction after reaching there.
If price falls below blue trend line, 8600 - 8650 is strong support.

Tether / USD : Considering high chance of correction if price reaches 9200 - 9300
resistance, I don`t see a good buy opportunity while blue trend line is holding.
If price falls below blue trend line, buying in 8600 - 8650 with stop loss might be
a good idea.
Comment:
choppy price action may continue this way
until price action gets very tight,
then we can expect a big move.

* Very tight price action usually indicates
a big move coming.
Comment: Price is trying to go above 9260 resistance level.
9037, which used to be a resistance, will probably
act as support if Bitcoin pulls back.

Bitcoin Owners : No point in selling Bitcoin while 9037 support holds
Tether / USD : In case of a pull back to 9037, you can buy Bitcoin with stop loss
Trade closed: target reached: This trade ended with good profit. Please follow my new idea for Bitcoin :

Comments


For last few days, price of Bitcoin has been staying above
a supportive trend line (blue line) . As long as price is above blue line,
we can expect the uptrend. If Bitcoin loses this line, it might
fall to test 8616 support line and lower edge of rising wedge.

Bitcoin owners : keep it as long as lower edge
of wedge is respected (and 8616 support)

Tether/ USD : Buy Bitcoin if it reaches lower edge
of rising wedge with a tight stop loss (8600 - 8700)
Reply
seyed jan ashkan hastam
ba arezoye behtarinha va movafaghiyate rooz afzoon baraye shoma dooste aziz <3
Reply
reza_tayebi SuggeStionS
@SuggeStionS, Ashkan Jan, Thank your for your kindness.
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