Long

Super Falling Wedge is forming, possible mega reversal inbound.

Updated

The daily is forming a super falling wedge here which falls in the category reversal patterns. Next to that we have a daily ready to come down to oversold territory.
For the coming days this means our price could dip to around 5.8 - 6k making our final leg down.

If we manage to break out of this wedge the pump can be witnessed as monstrous and overwhelming in my opinion.
To be safe I placed stop buys just above the wedge (7600), just incase we breakout earlier (I don't expect that to happen, but better be sure).

Greetings,
Vincent

Note

Also guys check out google trends searching for bitcoin. It is flattening out. This is possibly another sign

trends.google.nl/trends/explore?q=bitcoin

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Hi everyone,

We are closing in to the climax. What will happen at the wedge's end?
I have two options for this trade:

Option 1: Wait for it to bounce at 6k, when the bounce happens try to pick it up as it rises, probaly an order around 6.2 range. After it confirms the bounce.

Option 2: There is a possibility that 6k will not hold. A panic sell will occur causing a flash crash to 4.5k range. If this happens. DO NOT PANIC. Wait for it to drop very low. Pick it up and it will bounce back to 6k. This is a very big opportunity so you need to stay calm for this one.

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Currently in a bear flag consolidation. We all know what is likely to happen next..

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Also I still have my STOP-limit buy order at 7250. (Just above the wedge)
It's very unlikely to breakout here, but you have to protect yourself against all scenarios.

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Currently in bearish pennant. The pennant should end between now and 3 hours. Volume in the market is decreasing. We should get some action towards 6k soon.

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It broke to the downside but found support from the earlier spike low.
Pennant in a pennant.. Extending breakdown time between now and 12hours

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tradingview.com/chart/IZSjT9Hi/

Woah didn't see that coming waking up. My stop buy is hit tonigh which has put in BTC
So far I do not see any bearish divergences yet. It's testing 6871 resistance level at the moment. If this breaks, the wedge resistance is next. 7000.

The trend has possibly reversed tonight but we need a little more evidence. Might be wise to put a stop-buy above these resistance levels.

If this things break 7k it is a major breakout

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Here is a scenario which I think is likely right now.

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The price could be entering another sideways channel again. We're getting pretty close to the edge of wedge if this keeps up.

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There is a good chance we have bottomed and are inside a big accumulation phase. The market didn't want to go any lower yesterday. We are no longer following the repetitive wedge fractals downwards. Our pattern is different now. Breakout could be closing in.

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Breakout of the wedge

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New chart for you guys! Clicky!

WE PLAY KING OF THE HILL! ENTER THE ACCUMULATION ZONE!(BITCOIN)

CivilisedWolf

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