Hello, Artem is back! Here we are on XBT chart, it showing us two types of wedges: Ascending Wedge on the left with dark blue colors, and Descending Wedge on the right with red colors.
Now we in a middle of descending wedge, rebounding from dynamic support *7600$ and going to resistance area of 0.618 Fib at around 8250$. Stochastic RSI already topped and looks like I will make lower high, while price will hit higher to 8250$ to complete local bearish divergence. So this will be our signal for rebound and reentry for longs I expect around 6800$ support level.
If something will opposite to this idea we should be ready, so our bullish breakout should be supported by breaking out from 9000$ level. Bearish breakout should be supported by 6800$ breakdown.
Good luck and feel free to share your ideas to make any contribution to this analysis.
If it follows this pattern, won't that make a H&S top? Then 6850 would be the neckline to watch for a high-volume breakdown, no?
Patrikas10
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Nice chart bro. I have a target of 6950$-6850 as well before going to 10700 on daily.
Although I do not believe we are going to 8200$+ before reaching 7k. Not enough bulls at these prices to get us there. We have to go lower to get new surge of buyers.