Best seen on the H4 chart, this very clean and technically correct rising wedge pattern should have a very high chance of providing a big move.
On the bearish side we have plenty of traders leveraged long particularly in BTC and ETH at the minute, and euphoria is everywhere. If this plays out to the dowside, the target is around 40k (pattern target and also a clean S/R level. This would be a big, brutal shakeout likely before the parabolic upmove.
On the bullish side we have the macro-economic backdrop (DXY in particular looks set to fall hard) along with the very bullish fundamental (on-chain data etc.)
In conclusion this wedge wants playing in either direction (short - taget 40k ish, long - target 200k+)
Watch for fakeouts and look for at least a H4 close ourtside.
Enjoy!
On the bearish side we have plenty of traders leveraged long particularly in BTC and ETH at the minute, and euphoria is everywhere. If this plays out to the dowside, the target is around 40k (pattern target and also a clean S/R level. This would be a big, brutal shakeout likely before the parabolic upmove.
On the bullish side we have the macro-economic backdrop (DXY in particular looks set to fall hard) along with the very bullish fundamental (on-chain data etc.)
In conclusion this wedge wants playing in either direction (short - taget 40k ish, long - target 200k+)
Watch for fakeouts and look for at least a H4 close ourtside.
Enjoy!
