Double bottom on BTC! bigger bounce is coming!
Here's a quick Look at BTC 6 hr chart. As we can see, the price has been forming a bigger falling wedge and we could see a break to the upside soon! Keep an eye on this falling wedge!
This falling wedge ends 4th December, and a break to the upside will probably lead to a revisit of previous ATH!
One thing to keep in mind is that S&P 500 has been going strong for the past few weeks and is closing in on previous ATH and we could very well see new ATH soon. The reason why I mention S&P 500 is due to the correlation between the the big giant ( S&P500 ) and BTC . they tend to follow each other. Hence BTC will soon see a bigger bounce to new ATH as well! 70k is in sight!
The best entry would be, when the price breaks above the falling wedge with good amount of volume .
-------------------------------------------
The idea is: Buy when the price breaks above the falling wedge and take profits at the levels shown in the chart.
Targets:
1. 63.3k$
2. 66k$
3. 69k$
-------------------------------------------
What Is a Wedge in the context of trading?:
"A wedge is a price pattern marked by converging trend lines on a price chart. The two trend lines are drawn to connect the respective highs and lows of a price series over the course of 10 to 50 periods. The lines show that the highs and the lows are either rising or falling and differing rates, giving the appearance of a wedge as the lines approach a convergence. Wedge shaped trend lines are considered useful indicators of a potential reversal in price action by technical analysts.
Key Takeaways for Falling wedges:
1. Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods.
2. The patterns may be considered rising or falling wedges depending on their direction.
3. These patterns have an unusually good track record for forecasting price reversals."
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
This falling wedge ends 4th December, and a break to the upside will probably lead to a revisit of previous ATH!
One thing to keep in mind is that S&P 500 has been going strong for the past few weeks and is closing in on previous ATH and we could very well see new ATH soon. The reason why I mention S&P 500 is due to the correlation between the the big giant ( S&P500 ) and BTC . they tend to follow each other. Hence BTC will soon see a bigger bounce to new ATH as well! 70k is in sight!
The best entry would be, when the price breaks above the falling wedge with good amount of volume .
-------------------------------------------
The idea is: Buy when the price breaks above the falling wedge and take profits at the levels shown in the chart.
Targets:
1. 63.3k$
2. 66k$
3. 69k$
-------------------------------------------
What Is a Wedge in the context of trading?:
"A wedge is a price pattern marked by converging trend lines on a price chart. The two trend lines are drawn to connect the respective highs and lows of a price series over the course of 10 to 50 periods. The lines show that the highs and the lows are either rising or falling and differing rates, giving the appearance of a wedge as the lines approach a convergence. Wedge shaped trend lines are considered useful indicators of a potential reversal in price action by technical analysts.
Key Takeaways for Falling wedges:
1. Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods.
2. The patterns may be considered rising or falling wedges depending on their direction.
3. These patterns have an unusually good track record for forecasting price reversals."
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
Experience our top-tier setups with our Premium Group for only 129$ Lifetime membership!
🎖Telegram: t.me/MBM_786kr🎖
🎖Telegram: t.me/MBM_786kr🎖
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.