BITCOIN DESCENDING WEDGE
Updated
After 67 days of price action we have a 4H descending wedge pattern, and currently the upper boundary is being tested.
The SPX had a similar long term pattern formation as shown on the chart. The breakthrough of the upper boundary resulted in a 13.88% rally up past the previous local high and looks extremely bullish right now. Perhaps there will be a cool off soon but Bitcoin for sure has not had this rally yet, and the descending wedge breakthrough could trigger a similar rally.
With talk of a BlackRock BTC ETF this could be the catalyst to breaking through the pattern and rallying towards the local high of 28.5K (Target 1)
The SPX had a similar long term pattern formation as shown on the chart. The breakthrough of the upper boundary resulted in a 13.88% rally up past the previous local high and looks extremely bullish right now. Perhaps there will be a cool off soon but Bitcoin for sure has not had this rally yet, and the descending wedge breakthrough could trigger a similar rally.
With talk of a BlackRock BTC ETF this could be the catalyst to breaking through the pattern and rallying towards the local high of 28.5K (Target 1)
Note
There is the breakout candle, looks very strong. Half way to target 1Some confirmation candles would help to increase confidence in the breakout.
Trade closed: target reached
Target 1 Hit!Trade closed: target reached
Target 2 Hit!Being cautious from her as we look short term overbought
Note
looks like BTC hit the bearish orderblock just under Target 3, hopefully we get a swing down towards 29k before that final push towards 32kTrade closed: target reached
Target 3 Hit!! All trade targets now achieved. Price looks to have printed a swing fail pattern (SFP) on that exact target and is now resistance with Target 2 as support.
Note
That target 2 is still holding up as support, but not sure for how much longer. I fear there is a big candle coming in one direction or the other to break the range.
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