Rising Wedge Pattern on Bitcoin

Aug 20, 2020

BTCUSD

As you can see in the chart, Bitcoin is making a Rising Wedge Pattern, which is bearish, meaning, when it ends, a big move down should follow.

freeonlinetradingeducation.com/rising-wedge.html

However, it seems like it has another leg up before it ends. Some what I am expecting is a move to about $13,000 or so next week, follow by a big decline to $11,000 or so the week after.

In terms of Elliott Wave Analysis, it seems to be forming an Ending Diagonal Pattern in the 5th wave position of a 5-wave move that started around the $8,800 level, as seen in the chart. And it is missing the last wave to about $13,000 or so.

elliottwave-forecast.com/elliottwave/elliott-wave-theory-ending-diagonal/

I hope you find this interesting, and good luck to you.