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Bitcoin / TetherUS

BTC's Bearish Momentum Should End Soon

By RandomOracle
Updated
BTCUSDT BITBAY:BTCUSDT BTCUSDT BTCUSDT BTCUSDT BTCUSDT BTCUSDT BTCUSDT BTCUSDT BTCUSDT BTCUSDT BTCUSDT CURRENCYCOM:BTCUSDT OKCOIN:BTCUSDT BTCUSDT

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Just something I noticed while having a look on the 12hr line chart with the (O+H+L+C)/4 setting.
Looks like we could see one more wave down before attempting to break this descending wedge that's formed.
Price target would be higher if BTC broke up early (something around 45k)

*Wait for a 12hr close above/below before making a decision*
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Added a horizontal line around where I'd expect the wave 5 bottom in the likely scenario that we reject here
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Broke out of the wedge after a small 4th wave, Looking for a re-test of the upper trend line before we can confirm bullish sentiment
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Scary near-perfect rejection from that 0.382
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^closer view

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^Same fib but low time-frame
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Looking like a breakout & re test!
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Back into the wedge
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12hr closed, completing wave 5 (later than expected) expecting another attempt at a true breakout now
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Looking good ;)
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Closer look at the recent wedge breakout, looking much stronger than last time with that local double bottom on the lower TL of the wedge before breaking out!
Adjusted the upside target based on the wedge breakout location.
Looking strong for possible bullish momentum from here
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Checkout this one!
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BTC S/R levels:
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Chart PatternsWave AnalysisWedge
RandomOracle

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