Ascending wedge in BTC, possible bearish scenario before takeoff
Bonjour à tous,
Ascending wedge pattern spotted in Bitcoin!
Here I drew two possible bearish scenarios, as I am not convinced that BTC will pick up momentum from this level, yet.
Scenario 1 - the yellow line - can take us when breaking out of the wedge to the 6000 USD level, where there was previous support. Possibly, prices could go up from here. Should prices consolidate here, an even lower low can be found.
Scenario 2 - the green line - if we were to break the 6000 level, we could proceed to the bearish flag pole target around 4800 - 5000 USD. Around the 5000 is a previous resistance found from late August 2017. This level is also roughly our .786 Fibonacci retracement from the ATH. Should we manage to reach that level, I expect high volume buying orders from the big stacks of money awaiting to get BTC for cheap! Cha-ching
Me, I'm such an amateur trader, so don't take this as trading advice whatsoever!
Good luck!
Maurits
Ascending wedge pattern spotted in Bitcoin!
Here I drew two possible bearish scenarios, as I am not convinced that BTC will pick up momentum from this level, yet.
Scenario 1 - the yellow line - can take us when breaking out of the wedge to the 6000 USD level, where there was previous support. Possibly, prices could go up from here. Should prices consolidate here, an even lower low can be found.
Scenario 2 - the green line - if we were to break the 6000 level, we could proceed to the bearish flag pole target around 4800 - 5000 USD. Around the 5000 is a previous resistance found from late August 2017. This level is also roughly our .786 Fibonacci retracement from the ATH. Should we manage to reach that level, I expect high volume buying orders from the big stacks of money awaiting to get BTC for cheap! Cha-ching
Me, I'm such an amateur trader, so don't take this as trading advice whatsoever!
Good luck!
Maurits
Comment:
Forgot to write it above: that previous resistance at 5000 USD I mentioned, will now act as a strong support!
Comment:
Link to the improved idea:
