Long

Bitcoin BTCUSD - Descending Expanding Wedge Breakout

Updated

I thought it was going to have another leg down because of the Ascending Triangle - but it broke through that AND the top of the Descending Expanding Wedge, and also broke above the 1hr Ichimoku Cloud.

My target, if this holds up, is roughly $2000.

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BTW - Stochastic is pretty high right now, so I would wait a little and look for an entry point if you're thinking of going long. If it retests the top of the wedge again and bounces off, and stochastics/rsi are low on multiple timeframes, that would be the ideal point.

Note

Already testing the cloud/channel/fibonacci line:

Note

(sorry I meant wedge not channel)

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I spotted a potential Bearish Wolfe Wave in the making if this breakout loses steam, so I'm waiting for confirmation of one or the other:

Bitcoin BTCUSD - If Wedge Breakout Fails: Bearish Wolfe Wave?

Oops_I_Charted

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Bitcoin BTCUSD - Crazy Idea (that's a little bit plausible)

by Oops_I_Charted

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