Although it looks quite bullish for Bitcoin I would be surprised to see it break to the upside for now!
If it does not play out to point (4) in next 48hrs must be considered a busted pattern!
Sort of ties in nicely with this earlier chart time scale with 0.618 figuring fib retrace & time at this moment !
Looks bullish with possible C&H forming?
Its is it still possible to have this final leg downwards in the coming few days or more sideways? Targets $508 & $484.
In keeping with the "Broadening Bottom" I would project this path but as yet far from certain!
I suspect the rising wedge was more likely to be the formation of a Megaphone Pattern and adjusted target accordingly!
I have a target of 0.00528 near term after Falling Wedge reversal is played out.
Although simple, I think it says lots about near term as we are butting up against the short term downtrend line, pivot & 61.8% fib retracement!
Mainly drawn western charts but essentially the same outcomes! If anything the Cup is more rounded at the bottom but length of Handle still uncertain?
Nice launch pad for a big move north with targets 0.004439 & 0.00528.
Falling slightly short of target my 0.0264 it has now broken "Falling Wedge" downtrend line and retested so just maybe we have seen a reversal?
I think this is achievable if we follow the track after coming off the 61.8% retracement level? Target $625 R1 fib pivot level intersecting with recent downtrend!
I have put three realistic target levels for near term ETC......0.00264,0.00236 & 0.002157.
On the basis of the Rising wedge I calculate the next support level to be 0.02642...only time will prove this to be the case but with Ether very bullish this seems extremely possible? The next level would be a full retracement of the H&S posted in an earlier chart around 0.01164.
Hit a perfect resistance level from old cloud around 0.02025, so expect a breather before next target 0.0229? Orange Ichimoku line like to clear this level to confirm bullishness. May take a look at recent downtrend line as a test?
This is starting to look like a large "Falling Wedge" with a likely breakout to the upside. I have projected the move using previous angles of around 61 degrees. Targets locally at 0.0229 & 0.0298 but remains to be seen
Now the market is breathing a sigh of relief with the anticipation of a solution of sorts for an Exchange ~ will ETC resume its path downwards after a break of the "Rising Wedge"?