Rising wedge...?

BITMEX:XBT   Bitcoin
Obviously an incomplete pattern, but if the plays out here are the levels I will be watching.

1. Fib 1.127 is a historically consistent top for BTC on several TF's. Ending here would have strong confluence and make a bearish harmonic as well as a rising wedge.

2. Once the harm retraces to the 050 target, I would expect to see drop below the R. wedge LTL, retest, then continuation to the r wedge tgt around 63k.

3. To make the bottom pattern, I will look for stink buys between 60,800 and 59,500.

4. If 60k doesnt hold, the next support is around 53k.

IF a head n shoulders pattern is to develop, then the high from 3/14 could be the left shoulder and the high that could print around 78k could be the head. In that case we would look for support around 61k as the shoulder level. A H&S pattern with these numbers would have a target of around 53k also.

Pretty much all of this is speculation and hypothetical, so until we get more candles Im neutral on any outcomes. As far as I know, we could go parabolic from here. :)


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