Likely Breakout to 8-10 cents after failed Breakdown
Updated
HBAR recently saw a failed breakdown its 4h falling wedge (dotted) and its daily falling wedge (solid).
Since then it has risen back to wedge top, breaking wedge top on the 4h and now attempting to do so on the daily. We also saw the largest daily green volume bar ever printed on Coinbase when it moved back up into the wedge, though that is likely somewhat related to exchanges shutting down or traders moving assets over to CB from Binance US.
Highly unlikely we do not get and maintain a bullish breakout now after having failed the bearish breakdown, unless Bitcoin shows a strong rejection at 30k. In that case, potentially we see it drop back down to daily wedge bottom before trying again.
Targets of 8 and 10 cents approx, are based on the daily wedge's 1x and 1.5x measured moves.
Since then it has risen back to wedge top, breaking wedge top on the 4h and now attempting to do so on the daily. We also saw the largest daily green volume bar ever printed on Coinbase when it moved back up into the wedge, though that is likely somewhat related to exchanges shutting down or traders moving assets over to CB from Binance US.
Highly unlikely we do not get and maintain a bullish breakout now after having failed the bearish breakdown, unless Bitcoin shows a strong rejection at 30k. In that case, potentially we see it drop back down to daily wedge bottom before trying again.
Targets of 8 and 10 cents approx, are based on the daily wedge's 1x and 1.5x measured moves.
Note
Adjusted targets down a bit per where the breakout actually occurred, still near 8-10 cents, but just below those:Trade closed: target reached
targets reached
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