Corrupt_Economy

Possible Bearish Ascending Broadening Wedge Forming Before Moon

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
As highlighted, we could be forming a bearish ascending broadening wedge here. If either of these scenarios play out, then then launch us to 71XXish as per the target of the diamond bottom reversal. They might not play out, however keeping my eye on these as a very real possibility.
Trade active: Had my buy orders at 6390 filled. Looking for the next leg up to occur within the next 24-48 hours. We might temporarily break 6600, but then we will come back down again, and there is a good chance we will then break to the downside of the bearish ascending wedge at around the 6330-6350ish mark (green arrows). This is the most likely scenario to occur.



However, alternatively another bounce to the upper resistance line would see out the more severe pink arrow scenario. Overall though, both scenarios will take us to our target of 7150 after we have broken to the downside of the wedge and then bounced.
Comment: Edit: There is always a chance that we break to the down side in the next 24-48 hours instead of bouncing (given the number of touches of both sides of the wedge we have already had) so I still have buy orders placed in intervals between 6230-6350.
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