BTC Broadening Descending Wedge 4H

Jul 12BTC moving inside a broadening descending wedge on the 4H chart.

This shape has a bullish outcome more often than not.

Price action has touched major support twice.

BTC Price is back above the 50 SMA which is a good sign.

Keep an eye on this structure.

NFA

Do your own DD

Jul 14

Comment

trend structure is breaking

Jul 14

Comment

Next target if price can hold above the descending resistance

Jul 14

Comment

Jul 15

Comment

4H has overcome to 200sma

Jul 15

Comment

Daily meeting the 50sma and approaching level 60 RSI

Jul 15

Comment

wick fills gap between 50/100 sma daily

Jul 15

Comment

Jul 16

Comment

If Pa holds above daily 50 sma long enough for this 4H cross to occur, there could be more fireworks

Jul 16

Comment

price rebounded after 4H 50/100 cross

Jul 17

Comment

This is where this trend comes to a macro trend juncture and will be the final update for this idea. The 3.618 and the descending resistance are are between 67,200 and 66,000. If the PA meets that zone, this is the chart I will be moving to next.

Jul 19

Comment

Next Idea to come will be from the daily based on what happens at this juncture.

Jul 24

Comment

In reference too January 16th update above.



Idea Closed.