BITCOIN DESCENDING WEDGE

After 67 days of price action we have a 4H descending wedge pattern, and currently the upper boundary is being tested.

The SPX had a similar long term pattern formation as shown on the chart. The breakthrough of the upper boundary resulted in a 13.88% rally up past the previous local high and looks extremely bullish right now. Perhaps there will be a cool off soon but Bitcoin for sure has not had this rally yet, and the descending wedge breakthrough could trigger a similar rally.

With talk of a BlackRock BTC ETF this could be the catalyst to breaking through the pattern and rallying towards the local high of 28.5K (Target 1)

Comment:

There is the breakout candle, looks very strong. Half way to target 1
Some confirmation candles would help to increase confidence in the breakout.

Trade closed: target reached:

Target 1 Hit!

Trade closed: target reached:

Target 2 Hit!
Being cautious from her as we look short term overbought

Comment:

looks like BTC hit the bearish orderblock just under Target 3, hopefully we get a swing down towards 29k before that final push towards 32k

Trade closed: target reached:

Target 3 Hit!! All trade targets now achieved.
Price looks to have printed a swing fail pattern (SFP) on that exact target and is now resistance with Target 2 as support.

Comment:

That target 2 is still holding up as support, but not sure for how much longer. I fear there is a big candle coming in one direction or the other to break the range.