Timing would be just right for a bullish break up and out of this huge descending wedge some time in the next few days. An upward channel has developed on the 4h chart, which further signals this may be where the price is headed.
Please add your thoughts on this idea below.
Please add your thoughts on this idea below.
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this could be interesting in the next 12 hoursNote
will be a hard battle fought around 90k, hope it isnt just massively rejected. Note
There is a smaller rising wedge within a larger falling wedge. How price reacts today and tomorrow will be very interesting and give us a sense of where we are headed in the short term. Note
Today and tomorrow are huge. We need to stay above 85.5 if we are long. Losing the daily uptrend will almost guarantee we move further down over the next few days and risk returning to a bearish trend. On the other end, we need to break thru 89k today or even tomorrow with some decent volume and close above that; this (barring any traps which is always a concern) will be very bullish.
Note
worth noting: leveraged shorts are stacking massively over longs on binance right now. this leads me to want to long here. it's just too juicy of an opportunity for exchanges to rekt all these shorts. Note
well we are still in the smaller upward channel and still in the larger downward wedge...
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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.