Short

Another Ascending Wedge: Bearish Continuation to the 2 fib ~12k?

Updated

I've been looking at peak anchored VWAPS recently, and they seem relatively significant from what i've seen. Unless BTC continues blasting up above it's current short term resistance line, I believe we're in a clear ascending wedge. In a downtrend these tend to signal bearish continuation. The 2013 peak VWAP has coincidentally looked like an area of significant support since the 2017 peak. If history repeats, BTC could test it once again after a wedge breakdown at what would also happen the be the 2 fib retracement level (**levels based on log scale**). To add to the argument, the volume profile from the 2017 peak until now shows that massive volume doesn't start until that 2 fib level of around 12k. Lastly, the 60 period rsi is still in steady downtrend. I'm dca-ing in small amounts rn, but i'm hoping to be able to buy more aggressively should this idea come to fruition.

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Closer look at the wedge (4hr). Big volume at the recent peak, so the original upper line I drew could be invalidated. Volume usually should be decreasing as price progresses through the pattern. Avg volume is still following what it should be doing though.

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Wedge update w/ Fib time zones layered over.

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1hr look

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1hr look currently, Wedge still in tack after another trace back up.

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Had a fake breakout up top. Here's what we look like on the daily scale with fib time added. Wedge still in play.

rlando

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