CryptoGuru888

BTCUSD about to break upwards. Falling Wedge on Daily

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After being instantly bought up twice at Fib 38.2, BTCUSD has settled into an unmistakable falling wedge and could be breaking upwards soon. Target for this breakout would be $48500. Wedge breakouts are typically violent and confirmed by significant volume surge so keep an eye on volume each time there's a breakout attempt. There has been a breakout rejection already today for lack of volume backing
Comment: Edit : First breakout target would be between 43-44.5, not 48.5, depending on where this breaks. Will update on confirmation
Comment: Breakout confirmed at 34600, followed by a marubozu. Marubozu is the only candle which indicates momentum even in the absence of volume

We're already up more than 700000 pips from when this was posted. Potential resistance at 40600, 41400 and RSI 70 can be overcome by a surge in volume to secure breakout target at 43200
Trade closed: target reached: Boom!

Breakout target secured (43500)

Resistance at Fib extension (44600)

Will share more later

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