What i see: Looks like Bitcoin is making the move up the falling wedge from the big picture
We managed to hold the bottom of the triangle and pushed through the falling wedge and now we are forming the handle of a cup. Falling below 3660 would invalidate the handle and fall back into the wedge.
target is to break 100 MA that hopefully pushes us up through the resistance at 4160-4200.
if we succeed to break through with force we have good chances to complete the cup n handle at 5360 ish where we also meet with a trend line from the highs that marks the top of the wedge from the bigger picture.
from 5360 wedge top we will retrace and form another handle for a even bigger cup n handle to try and break through the big wedge that would bring us out of the bear trend.
Failing to do so we most likely fall back to the bottom of the wedge at 2800-2000 ish and try again later
We managed to hold the bottom of the triangle and pushed through the falling wedge and now we are forming the handle of a cup. Falling below 3660 would invalidate the handle and fall back into the wedge.
target is to break 100 MA that hopefully pushes us up through the resistance at 4160-4200.
if we succeed to break through with force we have good chances to complete the cup n handle at 5360 ish where we also meet with a trend line from the highs that marks the top of the wedge from the bigger picture.
from 5360 wedge top we will retrace and form another handle for a even bigger cup n handle to try and break through the big wedge that would bring us out of the bear trend.
Failing to do so we most likely fall back to the bottom of the wedge at 2800-2000 ish and try again later
Trade active:
looking again at the 12 hr chart currently we are bouncing between the 7 MA under us and the 30 MA overhead.. if we can get past the 30 MA back inside the rising wedge that we fell out of prematurely we are good to test a break through the 100 MA. keeping in mind that rising wedge has a 31% chance to break up and a 69% chance of breaking down.
for no we are still on track yet we need also a good portion of hopium.
ranging in this critical area that should be decisive in the next 2-3 days
so lets resume again.. if this is going to play out we need to break through the 50 MA to enter the rising wedge where we meet the 100 MA at its sealing. give it 30% of breaking up and 70% of breaking down.. yet as we know bitcoin has the potential to surprise us that is why i am not giving up on this idea.
breaking out of rising wedge the we will range over the 100 MA and under the 200 MA that marks the top of the cup n handle.. there will be the last decision to be made if this pattern will play out or fail. ill keep an idea on it and update as we go
for no we are still on track yet we need also a good portion of hopium.
ranging in this critical area that should be decisive in the next 2-3 days
so lets resume again.. if this is going to play out we need to break through the 50 MA to enter the rising wedge where we meet the 100 MA at its sealing. give it 30% of breaking up and 70% of breaking down.. yet as we know bitcoin has the potential to surprise us that is why i am not giving up on this idea.
breaking out of rising wedge the we will range over the 100 MA and under the 200 MA that marks the top of the cup n handle.. there will be the last decision to be made if this pattern will play out or fail. ill keep an idea on it and update as we go
Comment:
anyway.. what else i noticed is that we made it in the upper channel of the bollinger bands.. lets hope we can hold it.
also i want to say i am still learning everyday and noticed by writing down i actually learn even better and so i do this for educational purpose.
it is not financial advice at all i guess you know that.