HBAR - Back at Strong Support in a Right-Angled Ascending Wedge
HBAR / BTC pair is revisiting the area of strong support at the bottom of its right-angled ascending wedge on its weekly chart. We arrived where we are now following a double bottom prior to the initial move up, so keep that in mind when considering targets. Long-term targets from that double-bottom are still in play, the first would be near the top of the wedge shown - but.. I'm covering both cases here bull & bear:
BULL - Hold onto support and:
1.) We should see a significant move towards the top of the wedge, and the longer we stay in the wedge, the higher that top target becomes.
2.) Break above the wedge, and our measured RAA-Wedge bull target puts us well above 1900 sats, that target is even higher now than what is presently shown on the chart because of the additional time spent within wedge, as mentioned above. Additionally, if the bullish break occurs, we enter into the realm of possibly revisiting our opening day/week highs in the mid-3500 sat range.
BEAR - Break below the wedge & lose strong support and:
1.) Our measured RAA-Wedge bear target opens up the possibility for a triple bottom, I wouldn't start considering that unless we lose the entire area of strong support however (a weekly candle close below it). It's still possible we get down into this area briefly and move back into our RAA-Wedge.
2.) Should we lose strong support and see a triple bottom, I feel like the bull case for this gets even stronger than the current one if we were to exit the top of the wedge.
BULL - Hold onto support and:
1.) We should see a significant move towards the top of the wedge, and the longer we stay in the wedge, the higher that top target becomes.
2.) Break above the wedge, and our measured RAA-Wedge bull target puts us well above 1900 sats, that target is even higher now than what is presently shown on the chart because of the additional time spent within wedge, as mentioned above. Additionally, if the bullish break occurs, we enter into the realm of possibly revisiting our opening day/week highs in the mid-3500 sat range.
BEAR - Break below the wedge & lose strong support and:
1.) Our measured RAA-Wedge bear target opens up the possibility for a triple bottom, I wouldn't start considering that unless we lose the entire area of strong support however (a weekly candle close below it). It's still possible we get down into this area briefly and move back into our RAA-Wedge.
2.) Should we lose strong support and see a triple bottom, I feel like the bull case for this gets even stronger than the current one if we were to exit the top of the wedge.