Bitcoin Daily Chart – Bullish Descending Wedge Target 11,150
As per the short term pink descending broadening wedge; we have a current target of around 7550-7600 where we then meet the resistance line of the longer term descending wedge (shown in purple). I expect us to then retrace from this resistance all the way back down to 5980. From here we will then bounce and break through the purple long term wedge before a possible retest of the resistance turned support. Finally, we will then have a nice bull run to our target of 11,150 where we will take profit.
Note
Nearing our first take profit target of 7400-7500 before we retrace. There is a chance that we don't retrace and instead break out above the purple resistance line, however I am at this stage still fairly confident we will see 5980 one last time before bull run. Note
Playing out as expectedNote
Well on our way to our target buy zone of 5980. A lot of people are going to think this is going further down than 5980 however as per the structure of the descending wedge this is unlikely. I will buy as close to 5980 as possible to then go long. Note
Have amended the target to 6000. The potential descending triangle that is forming could take us there tonight. I have re-adjusted slightly as we will need to form a higher low to appear bullish once we hit the bottom. Sub-6K could still happen, thought it is unlikely we will go lower than a maximum of 5900 which is close to the low of 14th of August. Note
Descending triangle took us down as we had hoped. We have the potential for one final leg down to our target and we are at the bottom. It looks like the small penant on the one hour could take us to our target today, however it could be longer.Note
All still going as planned. We appear to be forming a descending broadening wedge that will take us down to our target of 6K. From here we should bounce out of the wedge to 6540ish before retracing to testing our breakout level. We could range between these two levels for a few days or more before building our momentum to finally breakout of the purpole down trend line and then commence our trip up to our target of 11K. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.