To Wedge Or Not To Wedge ? Bitcoin in this state is probably pretty good at defying all possible reversal patterns like Wedges. Currently I would expect market to hold above $8,616 using Williams Fractal. Then again market could keep on going higher and create another two rising Williams Fractals with higher highs and higher lows and $8,616 may have to be revised accordingly. When a reversal comes I'd expect usual signs of close below previous bar, drop in MACD bar, and awesome oscillator turning red. A good reversal would be say max 5 days. On the weekly chart the shape of this run to $20,000 will depend on how many Williams Fractal are made along the way.
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Market having a go at my daily wedge today on the downside. Is it bluff. Will review end of day.
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Wow it's really taken a chunk out of my daily wedge, made a lower low then the previous bar, and the MACD bar is lower. Will it stay that way till end of day? Are we seeing the formation of another Williams Fractal signal i.e. Arrow pointing upwards, or just seeing a temporary bluff before the price breaks new highs again.
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I've added the Williams %R to my chart and it looks like the rise to $10,320 by end Friday 27th has just been killed off today. The bar closed lower then the previous bar, and so did the MACD bar. So for a max 5 days the market will be going down to sideways to find support. If the market breaks $8,616 it should find support above $8,200 at least till end Friday 27th. I'm working on the basis that the bar of 25th April will be conffirmed a Williams Fractal high (arrow pointing skyward). Market has just opened and heading further down in first 10 minutes.