Bitcoin inside Wedges [BTC]

Updated

Hello everyone, I hope you are having an amazing day.
I'm here again today with another TA on BTCUSD

This is a not so long TA, it just shows the 2 'main' wedges on BTCUSD.
I expect price to be denied at the top yellow line at about 8.6k then make it's way to the blue box.

The targets I've set are the white boxes, which are the end of the smaller and bigger wedge (line with break is the smaller and the normal line is the bigger, I think you get it)

Note: For this targets to be reached price MUST get denied at the top yellow line.

Be safe for fake breakouts.

This 'pump' that took price above the main downtrend (green line) is making me confused ("lost") I wasn't expecting this in any way.

My advice for now: Do nothing.

You can check my last Idea on BTC on the related tab section.

This is one of many ideas I've made, you can check my other older Ideas just open my profile and see!

DISCLAIMER:
This is my own personal opinion! Don't take what I say for granted, this is NOT financial advice. Don't spend what you can't afford to lose, and remember, patience is a key on this Crypto Market! Hold is life!

Trade safe and have a nice day!

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Oh, I forgot to explain the white horizontal lines. Those are the same lines I had on my last Idea (it's on the Related Ideas tab) They are Support/Resistances and where my old targets (Note that they are still valid :P )

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Don’t forget about our Bear flag (or rising wedge) it’s still more than valid!

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Bearish Divergence on RSI. You see RSI values get lower while price gets higher. RSI is also bellow 50.

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Testing the downtrend we are waiting for a close bellow it

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After not holding on the downtrend (as predicted) and completing the bear flag price went up, tested the downtrend as resistance and it looks like it's failing to hold the 8.2k support level (which is good ;) )

I see head and shoulders which should take us to the blue box.

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Another Bear flag in the making

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Blue box reached as predicted, next stop is the yellow line with breaks (wedge)
Support is at 7.4k (white line)

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We are near our 7.4k support level making our way to the 78.6% fib and bottom of the wedge.

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Update: One of my old supports was at 7.8k i moved it a bit lower to 7.7k, that is now a target after a successful bounce on the falling wedge bottom.

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New Bear flag at 5min chart.

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This pump invalidated the bear flag.
As you can see looks like the downtrend did it's job and rejected a breakout.
Now we wait.

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Too many mixed signals, my advice is wait.

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Price approaching the top of the wedge!

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It made it's way to the top of the wedge, closed above it now it's retracing a bit.
Wait for a confirmed breakout (closes above it)

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I forgot to meeting the 8.2k resistance, it did its job.

Wait my friends!

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Temporary support on the downtrend?

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Looks like support was found on the top of the wedge

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Fib from 6k to 11.7k levels. Also looks like an intra day support at the 8.6k zone.

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Looking forward to this signals:
Stoch RSI crossing above 20
MACD bull cross

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Upward move to continue, I see Bull flag.

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'Up or down?' The best answer to that would be 'Yes'

This are the levels to look for either Bull or Bear
For Bull we have the red lines (and fibs) acting as resistance and green acting as support, the wedge and the downtrend also act as support.
For Bear we have the end of the wedges (blue) for targets, they are still valid ;)
The bigger fib goes from 6k to 11.7k
Heres the smaller fib:

it covers this run from 7.2k to 8.4k the blue lines could be possible retracements for the move.

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New idea because this one was already full :)

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This is an older Idea, the latest is here:

Sadly it didn't really went as expected (as of now) but I left a possible scenario on the updates (scroll down when you open it)

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Hello everyone thought I'd leave my opinion on bounce levels for BTCUSD <deleted>
(click it)

Reading it all and dropping a like would be great!

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Bitcoin and the Bear, a Love story! [BTC]

Here's the link (last one had a mistake it's now fixed)

angel_lobs

Also on:

Related publications

The Bear View of Bitcoin [BTC]

by angel_lobs

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