The Wedgening...
Updated
What if this is the one wedge to rule them all?. For the last couple weeks btc has been smashing out wedge after wedge... were they just a setup for an even bigger one?
Key points of interest:
1. Support line currently highly speculative we can, however, see that a retrace to $7500 is a 50% retracement of the pump.
2. Bounce from support will see us move to the .618 fib from the double top breakdown. Which also coincides with the long-term log support and is bound to give btc some grief.
3. The kicker... the STOCH is also wedging up rather nicely the peak is likely to be around the same time as btc reaches the log resistance.
Short: $8400 - $8700
TP1: Bottom of wedge $6600
TP2: $5500
Key points of interest:
1. Support line currently highly speculative we can, however, see that a retrace to $7500 is a 50% retracement of the pump.
2. Bounce from support will see us move to the .618 fib from the double top breakdown. Which also coincides with the long-term log support and is bound to give btc some grief.
3. The kicker... the STOCH is also wedging up rather nicely the peak is likely to be around the same time as btc reaches the log resistance.
Short: $8400 - $8700
TP1: Bottom of wedge $6600
TP2: $5500
Note
There's some more data to play with now... I've redrawn and still fundamentally believe there's a big bearish move building.Note
Scalping a short position here opened $8360. Top of wedge resistance looks to be holding up. Strong bearish divergence on the RSI. Note
After the recent break upwards I've delved back into my charts and believe that this 'bull trap' is nearing a reversal. Note
1st imaginary wedge support hit. The 12hour STOCH is starting to get interesting here. The next 24 hours are vital. Note
4hr STOCH created a descending wedge which has just broken out - Opened a long small long at $7850 to close at $8400. The 12hr indicates we've turned bear as predicted. Note
12hr - Note
Losing faith in the strength of the market and don't believe it'll get to $8400 again. For that reason, I've moved my short entry lower to $8250. I still strongly believe we're still in the downtrend... Rising wedge in a rising wedge...
12hr STOCH at this point has broken out also indicating the move down is in progress
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