BTC rising wedge

May 26, 2019

I'm thinking BTC should test the support level of the rising wedge, and should touch around 7800. From there it should bounce up to test the resistance level at around 8100. By that point - maybe May 28-29 - it should either break up or down. Let's hope it's up!

May 26, 2019

Note

Two more points to add...

First, I can't change the title, or I would change it to "ascending triangle", as per comments below. I'm new at this.

Second, the major characteristic about an ascending triangle is that the buyers are more aggressive than the sellers. Hence the slope of the support level is steeper than the slope of the resistance level. This means buyers are more convinced than the sellers are, which is bullish. At some point, the sellers will run out, and the more aggressive buyers will overpower them and push the price higher. I'm thinking.

May 26, 2019

Note

Looks like the buyers managed to exhaust the sellers and just now broke through the sellers' line of defense.

Looking at the sell orders on Bitstamp, there is a rather large wall of sells of around 150 BTC at the $9,000 level. So we should encounter some resistance there.

Once we reach 9K, we'll have to wait to see what type of pattern develops before determining if we go up, down, or sideways from there. But for now, it looks like 9K is the target.

May 26, 2019

Note

Actually, the sell wall at 9k on Bitstamp is around 660 BTC total, which is about 150 BTC higher than the amount below it (if that makes sense). Anyway, 660 BTC are cued up for sale at 9K on Bitstamp.

May 27, 2019

Note

One important thing to keep in mind is that the sell orders (at least on Bitstamp) are clustered from the current price of 8880 (at the time of my writing this) up to 9000. Then, above 9000 the sells are very very thin.

Example:
Total 587 BTC for sale from 8880 to 9006.
Total 954 BTC for sale from 8880 to 9215.
Total 991 BTC for sale from 8880 to 9295.

This means there are:
587 BTC for sale from here to 9006,
367 BTC for sale from 9006 to 9215, and only
43 BTC for sale from 9215 to 9295.

So we can expect a slow go to 9000. But once we get past 9000, the price will jump up very quickly as it burns through some very thin selling. Look for another large green bar soon after 9000.