BTC-USD wedge in a wedge,Could play out in the next couple hours
Hey guys , Vinnycrypto here for an other market update. As you guys know, BTC is at critical levels as we are approching the end of our massive triangle.
The next few hours could develop into something as we are at the very end of a wedge into an other wedge.
First wedge in purple with a target getting out of the main wedge, Adding power? Target reaching almost exactly 0.618 FIB of september high downtrend where we are going to be meet by a very big resistance.
Getting rejected there could still be bullsih as we could find support back at the 0.5 FIB which is also where we did our last 2 highs. Which will meam that we are still makimng higher highs and higher lows.
A break out of the purple wedge could be tradable for day traders with a stop loss around 6500.
Swing traders would want to wait a confirmation over the 0.618, confirmation that we broke out of the previous downtrend. this would be the first time in this whole downtrend and if this happens, I think we could see the power of FOMO and possibly break our big triangle trend line.
A break down of the wedge would bring us back down to 6500.
There also is the possibility that the purple wedge doesnt play out but the blue one will. So as long as we keep our way on the blue trend line, the bulls won't have to worry.
We will know in the next few hours if the purple wedge plays out and we could have to wait a few days for the blue one.
This is is a neutral zone for me until we can confirm a direction for those wedges.
I am not sure if this post will be harder to read than my previous ones, I have to write pretty fast as I am at the airport.
I am out, trade safe guys.
The next few hours could develop into something as we are at the very end of a wedge into an other wedge.
First wedge in purple with a target getting out of the main wedge, Adding power? Target reaching almost exactly 0.618 FIB of september high downtrend where we are going to be meet by a very big resistance.
Getting rejected there could still be bullsih as we could find support back at the 0.5 FIB which is also where we did our last 2 highs. Which will meam that we are still makimng higher highs and higher lows.
A break out of the purple wedge could be tradable for day traders with a stop loss around 6500.
Swing traders would want to wait a confirmation over the 0.618, confirmation that we broke out of the previous downtrend. this would be the first time in this whole downtrend and if this happens, I think we could see the power of FOMO and possibly break our big triangle trend line.
A break down of the wedge would bring us back down to 6500.
There also is the possibility that the purple wedge doesnt play out but the blue one will. So as long as we keep our way on the blue trend line, the bulls won't have to worry.
We will know in the next few hours if the purple wedge plays out and we could have to wait a few days for the blue one.
This is is a neutral zone for me until we can confirm a direction for those wedges.
I am not sure if this post will be harder to read than my previous ones, I have to write pretty fast as I am at the airport.
I am out, trade safe guys.