BTC Wants to Complete 1-year Wedge Before Breakout to new ATHs
The breakout from the descending tightening wedge that formed over the past 2 weeks seems to have failed, despite printing an uncanny similarity to previous breakouts.
- 1 last touch on wedge at $39k area would be the third touch and thus completing a standard ascending tightening wedge printing since about October 2020. I suspect it will break to the upside for new ATHs
- Many bearish fibs correlating with $39k. For the sake of sharing a clean chart I drew only one. 12/18 swing high to 12/27. The 1.272 extension correlates with $39k.
- Weekly Ichimoku wants $39k
- EMA 70 wants $39k (my favorite EMA for BTC)
- $39k correlates with upper boundary of the next volume cluster (VPVR)
- 1 last touch on wedge at $39k area would be the third touch and thus completing a standard ascending tightening wedge printing since about October 2020. I suspect it will break to the upside for new ATHs
- Many bearish fibs correlating with $39k. For the sake of sharing a clean chart I drew only one. 12/18 swing high to 12/27. The 1.272 extension correlates with $39k.
- Weekly Ichimoku wants $39k
- EMA 70 wants $39k (my favorite EMA for BTC)
- $39k correlates with upper boundary of the next volume cluster (VPVR)
Trade active:
Nothing changed. 1.618 correlates with bottom of ascending wedge which correlates with where volume cluster begins and where the knife has a strong possibility of being caught.