Mattytwy

BTCUSD ascending wedge breakdown target

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Okay, so it looks like an ascending wedge with the potential for a break down. If the previous support at 8600ish is breached then I think the next support zone is around this rectangle . I have already filled my bags on the way down so Im just watching to see if this plays out. Have a cheeky order at around $6300 if it all goes to hell!!!

have fun
Well spotted!! And there is a head (double) and shoulders in there. A minor left shoulder.

The weekly and daily trends are for the north, these are the real powerhouses. But all below 12H are for the south. All major trends succumb eventually to smaller changes in the markets on lower time frames. BTC is a difficult one for me to resolve, probability of direction.

So - my golden rule (for me) is, if I'm in such doubt leave it out. There is always FOMO in the background, which I have to guard against. And for sure the market will make me feel stupid if I miss. I can live with feeling stupid but with my account it tact. LOL.
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Mattytwy Captain_Walker
@Captain_Walker, bingo!! now lets see if the $6300 gets filled...
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@Mattytwy, Price could crumble a whole lot more, possibly well below 4000. See: http://www.investopedia.com/news/bitcoin-price-crashed-mass-selloff-crypto-owners-try-avoid-taxes/
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